Description
Title: Authorize execution of an agreement with the City of Austin Employees’ 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 City of Austin has executed an agreement with the City of Austin Employees Retirement System (COAERS) to allow eligible employees and retirees to participate in the City's 457(b) Deferred Compensation Plan. This agreement is significant as it formalizes COAERS employees' access to a retirement savings plan, promoting financial security for city employees. Notably, the plan is cost-neutral for the City, meaning there are no additional expenses incurred due to this participation; all associated costs are borne by the plan participants. This agreement has an initial term lasting until December 31, 2031, with automatic five-year renewals unless terminated by either party. Such provisions ensure that the retirement benefits are available and accessible, enhancing the overall workforce benefits within the City of