Description
Title: Authorize execution of an agreement with the Austin Police Retirement System 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 Affiliated Employee Agreement between the City of Austin and the Austin Police Retirement System (APRS) allows eligible APRS employees and retirees to participate in the City's 457(b) Deferred Compensation Plan. This legislation is intended to enhance retirement benefits for APRS employees without imposing additional costs on the City. The agreement ensures APRS employees are treated similarly to City employees in terms of participation rules and benefits. It is cost-neutral for the City, meaning all associated costs are covered by plan participants. The agreement is effective until December 31, 2031, with automatic five-year renewals unless terminated by either party. This collaboration aims to attract and retain a high-quality workforce for the City.