TITLE
The Mayor and City Council shall disucss and possibly take action on approving a deferred compensation benefit in the amount of a 1% match for eligible City employees. Discussion and Action.
AGENDA ITEM DESCRIPTION
With approval by the Mayor and Council, the City would like to offer a retention incentive to our dedicated City employees. Employees who have completed 4 years of full time service, will be eligible for the City contribution to a 457 account, with a 1% match of their base salary. This would be a voluntary benefit, that requires a matching employee contribution. If all 42 employees who are eligible for the benefit elect to participate, the annual cost would be $28,467. This benefit program would go into effect July 1, 2017.
STAFF RECOMMENDATION
Staff recommends approval of this employee benefit item, with a fiscal year cost of $28,467.