Title
RESOLUTION NO. 2101, AUTHORIZING PARTICIPATION IN WASHINGTON STATE DEFERRED COMPENSATION PROGRAM (DCP)
COUNCIL STRATEGIC INITIATIVE ADDRESSED:
Council Initiative: Continue Effective Financial Management and Address Quality of Place Issues
CITY ATTORNEY REVIEW: REQUIRED
SUMMARY STATEMENT:
Washington State offers one of the most cost effective deferred compensation programs available in the United States. There are no costs to the employers and participant accounts are assessed a nominal annual administrative fee of less than 0.13% to cover program expenses. No sales commission, sign up fees, transfer fees or deferred sales charges are ever assessed on participants' accounts. This means that more of the participant's money works for them rather than going to pay fees. The Washington State Investment Board (WSIB) is responsible for establishing investment policy, developing investment options and managing investment funds for DCP.
City of Longview employees will be offered DCP as an option to the current ICMA RC Plan beginning July 1, 2014.
RECOMMENDED ACTION:
Approve Resolution No. 2101 requesting approval to participate in the DRS Deferred Compensation Program.