HomeMy WebLinkAboutAgenda Statement 1981/07/28 Item 13COUNCIL AGENDA STATEMENT
Item 13
Meeting Date 7/28/81
ITEM TITLE: Resolution ~~,5 ~~ - Change in Enrollment Date for Great Western
Deferred Compensation Plan
MITTED BY:~~~~
SUB Director of Finance
(4/5ths Vote: Yes No X )
In recent discussions with the Administrator of our Employees' Deferred
Compensation Plan, it was determined that it is possible with Council
approval to change our enrollment date. Therefore, it is my
RECOMMENDATION:
That the City Council by resolution amend Article 5A & 6 of the City of
Chula Vista's Deferred Compensation Plan changing the enrollment date for
eligible employees from January to July each year.
BOARDS & COMMISSION RECOMMENDATION: Not Applicable
nTCriiccrnN•
Since more employees of the City have been joining our Deferred Compensation
Plan with Great Western Savings & Loan, it would be much more beneficial
and convenient for them to enroll or change their contribution rate at
the beginning of our fiscal year rather than having to wait until the
following January as currently required.
We were recently informed that it is permissible and legal to do this
and our City Attorney also concurs. Therefore, we are recommending that
the annual enrollment period be changed from January to the month of July
each year and to be effective on the first pay period beginning in September.
FINANCIAL IMPACT: Not Applicable
Form A-113 (Rev. 11/79)