City Council

(14)\n25-1516\nCOMMUNICATION FROM THE CITY ADMINISTRATIVE OFFICER\nrelative to amending Chapter 14 – Deferred Compensation Plan, of the\nLos Angeles Administrative Code (LAAC) to allow for an employer\ncontribution to an employee’s Deferred Compensation Plan 457(b)\nretirement savings account.\nRecommendation for Council action:\nREQUEST the City Attorney to prepare and present an Ordinance\namending Chapter 14 – Deferred Compensation Plan, of the LAAC to\nallow for an employer contribution to an employee’s Deferred\nCompensation Plan 457(b) retirement savings account.\nFiscal Impact Statement: The City Administrative Officer reports that\ndeveloping the details of the proposed Plan amendment and\nassociated implementation steps will cost an estimated $250,000,\nincluding set up and reprogramming fees to the Plan record keeper,\nconsulting costs, and staffing reimbursement expenses. The Los\nAngeles Department of Water and Power (LADWP) has pledged to\ncontribute $150,000, with the difference coming from the General\nFund. The General Fund will not be impacted beyond the preparation\nof Plan design changes and initial implementation steps; once the\nemployer contribution feature is enacted, expenses will be part of\nongoing operating costs for the Plan. The funds for the employer\ncontribution amounts themselves will be borne solely by LADWP.