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Item No. 10 <br />memorandum <br />TO: City Council <br />John Godwin, City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: 457(b) PLAN DOCUMENT RESTATEMENT <br />DATE: December 22, 2015 <br />BACKGROUND: The City offers its employees optional /voluntary 457(b) deferred <br />compensation plans in accordance with IRS regulations. The City makes no contributions to <br />these accounts, but contributions made by employees are done on a pre -tax basis. <br />STATUS OF ISSUE: The plan documents related to these deferred compensation plans must be <br />restated from time to time to comply with IRS regulatory changes. The documents being <br />approved will bring the plan administered by Security Benefit into legal compliance with current <br />IRS regulations. This is a housekeeping matter. <br />BUDGET: Not affected by this policy. <br />RECOMMENDATION: Motion to adopt the plan changes as submitted. <br />