Deferred Compensation Advisory Committee

The Deferred Compensation Advisory Committee comprises seven members serving four-year terms. The committee has the authority to make decisions on behalf of the City as to the investment policy, the choice and nature of investments to be available under the Plan, and enter into agreements on behalf of the City for investment advice under the Plan where the fees to be paid under such an agreement are to be paid by participants of the Plan or where there is no amount to be paid by the City under the agreement. The Advisory Committee shall have the authority to review and advise the City Manager on annual budgets and proposed changes to the Plan. However, that authority must be exercised within the limitations imposed by the plan and within the requirements of the applicable fiduciary standards.

The City Manager is responsible for the operation of the Plan determines all the questions arising out of the administration, interpretation, and application of the Plan and has the authority to enter into agreements on behalf of the City for the administration of the Plan, for custodial agreements for funds, and for investments selected by the Advisory Committee.