Description
Title: Report
Summary
The document outlines the City of Delray Beach's policy regarding Deferred Compensation Plans for employees excluded from participation in pension plans. Specifically, it affects regular full-time employees who choose not to participate in the city's pension plans or are ineligible. Under this policy, employees can opt into a tax-qualified Deferred Compensation Plan, with the city contributing 9.5% of their annual compensation to this plan. The document emphasizes that department heads must make their election within 90 days of hire, and the decision is irrevocable as long as they remain in their position. This legislation is significant as it provides an alternative retirement savings option while ensuring that eligible employees receive financial support, thereby enhancing their long-term financial security.