Deferred Compensation Committee

Details about the Deferred Compensation Committee

Overview

There is no language in either the Ordinance or the City Code calling for a committee to be formed.

Board Members

Showing 3 active board members (maximum 3)
Name Role End Date
Maurice Falls Member 01/01/2045
Michael Hernton Member 01/01/2045
Jim Sondermann Member 01/01/2045

Authorizing Legislation

Ordinance 70285 (Section 27), City Code 4.10.270

Board Duties and Purpose

Unsure what their purpose is. In 2005 the committee changed the 457 Plan's investment option choices.

Ordinance 70285- "Authority is hereby granted for the establishment of a deferred compensation plan for the City of St. Louis. "

(b) In accordance with the regulations applicable to the plan, as set out herein, the Comptroller is authorized to enter into an agreement with eligible participants, whereby said participants may designate a portion of their future earnings to be deducted by the City and placed in a fund to be designated "City of St. Louis Deferred Compensation Plan Fund" for the purpose of providing tax deferred benefits to the participants upon retirement.

(c) The Board of Estimate and Apportionment is hereby authorized to establish or select a specific plan or plans in accordance with the requirements set out in this ordinance. In establishing the plan, the Board of Estimate and Apportionment may elect to retain outside parties to provide administrative and/or investment services after following competitive bidding procedures. The Board of Estimate and Apportionment is authorized, after analyzing the various competitive bids submitted in accordance with the requirements of this ordinance, to select the plan or plans it determines to meet the requirements established as a part of the competitive bidding procedures and to be in the best interest of the participants. No investment plan shall be considered unless offered by a duly licensed resident agent representing a company duly licensed and authorized by the State of Missouri and other applicable federal regulatory agencies to offer such insurance or investment programs.

Member Requirements

One (1) representative from the Mayor, Comptroller and President of the Board of Alderman.

There are no term limits. Representatives serve at the pleasure of office they represent.

They do not need to be sworn in by the BOA. They must be sworn in by the Register's office.

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