Laserfiche WebLink
THE CITY OF 13 <br /> PLEASANTONa CITY COUNCIL AGENDA REPORT <br /> October 6, 2015 <br /> City Manager <br /> Human Resources <br /> TITLE: APPROVAL AND RATIFICATION OF AMENDMENT OF MANAGEMENT <br /> COMPENSATION PLAN TO ALLOW FOR CITY CONTRIBUTIONS TO <br /> DEFERRED COMPENSATION <br /> SUMMARY <br /> Confidential and management employees' compensation is represented in the <br /> Management/Confidential Employee Performance Compensation Plan. The plan is <br /> approved by the City Manager and referenced in the budget adopted by the Council. <br /> Currently there is reference to the City providing both a voluntary IRC 457 deferred <br /> compensation plan for management and confidential employees and a voluntary IRS <br /> 401A plan for management employees. As these plans are voluntary, the language <br /> references employee contributions only. However, City contributions into these types of <br /> tax deferred accounts are one way for the City to provide cost effective compensation to <br /> employees as they are not subject to California Public Employees' Retirement System <br /> (CaPPERS) payments or additional costs associated with traditional pay increases. The <br /> City provided deferred compensation contributions to management and confidential <br /> employees as part of their compensation package in January 2015. Staff seeks <br /> approval to provide clarifying language in the referenced Performance Compensation <br /> Plan to include the City's option to provide contributions to deferred compensation <br /> vehicles. <br /> RECOMMENDATION <br /> Approve and ratify new language in the Management/Confidential Employee <br /> Performance Compensation Plan to clarify the option for City contributions to be <br /> deposited into employees' deferred compensation plans. <br /> FINANCIAL STATEMENT <br /> None <br />