Description
Title: Authorize execution of an agreement with the Austin Firefighters Retirement Fund for its eligible employees and retirees to participate in the City’s 457(b) Deferred Compensation Plan. Funding: This item has no fiscal impact as participation is cost-neutral to the City, with no overall expense to the City as a result of such participation.
Summary
The City of Austin has proposed an agreement allowing eligible employees and retirees of the Austin Firefighters Retirement Fund (AFRF) to participate in the City’s 457(b) Deferred Compensation Plan. This plan provides a tax-advantaged savings option for retirement, and participation is designed to be cost-neutral for the City, meaning no additional expenses will be incurred. The agreement, which has already been signed by AFRF, is effective until December 31, 2031, with automatic 5-year renewals unless terminated by either party. Participation rules will align with those governing City employees, ensuring consistent management of the plan. This legislation benefits AFRF members by expanding their retirement savings options without financial impact on the City.