2013 2:00:00 PM

Monday, September 23, 2013 2:00 PM
Sparks Council Chambers, Legislative Building, 745 4th Street, Sparks, NV

Consent Items: 5.3

Title: Consideration and possible approval of an Amendment to the Interlocal Contract between Public Agencies between the State of Nevada and the Nevada Public Employees Deferred Compensation Program and the City of Sparks.

Petitioner/Presenter: Chris Syverson/Chris Syverson

Recommendation: Approval of the Amendment of the Interlocal Contract with the Nevada Public Employees Deferred Compensation Program.

Financial Impact: none

Business Impact (Per NRS 237):
A Business Impact Statement is not required because this is not a rule.

Agenda Item Brief:

Consideration of approval of an amendment to the Interlocal Contract between the State of Nevada and the Nevada Public Employees Deferred Compensation Program to provide 457 deferred compensation plan to employees.

Background:

On February 22, 2010 Sparks City Council approved Resolution 3173, providing for a 457 deferred Compensation Plan for City employees. In addition, the Sparks City Council approved the Contract resulting from the Resolution. The contract expired December 31, 2012. All entities participating in the State Plan were notified by the State of Nevada in September, 2013 of the need to update the contract. The proposed contract amendment allows the continuation of the contract through December 31, 2014.

Analysis:

The Plan Administrator has reviewed the State's plan and feels it is in the best interests of the City of Sparks and the employees who are enrolled the the State of Nevada Employees Deferred Compensation Plan with Massachusetts Mutula Life Insurance Company (MassMutual), which acquired the Hartford's retirement Plan Groups.

Alternatives:

1.The Council may choose to approve the contract extension with the State of Nevada and Nevada Public Employees Deferred Compensation Program as outlined by staff.

2. The Council may choose not to approve the contract extension with the State of Nevada and Nevada Public Employees Deferred Compensation Program.

3. The Council may provide alternative direction to staff.

Recommended Motion: I move to approve the contract extention with the State of Nevada and Nevada Public Employees Deferred Compensation Program.

Attached Files:

Interlocal with State of Nevada Deferred Comp.pdf

A3810 def comp.pdf

R3173 def comp.pdf

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