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August 1,1979 337 <br /> DEFERRED COMPENSATION-(Ce 198-356) <br /> • <br /> Doug Heavy,City staff,introduced Al Rettenmier of Rettenmier 8,Associ- <br /> ates. Mr.Rettemider spoke of <br /> and <br /> whether or not a <br /> dmunicipalityeshouldrb involved.ed compensation P nthen al <br /> xperience and expertise in <br /> they <br /> particularly Hall of m mploy defer nsulting brokers <br /> basically inrecommendations <br /> g the plan; <br /> 2)on-going l areas:ti I)effective <br /> to ptO ein ofor ains ht <br /> ministration <br /> to make <br /> program ons;and <br /> I recommendation ter surveying the market oleading organizations that dealt n funding. <br /> • <br /> Councilman <br /> if <br /> that <br /> Pea a r definitely w c as and any employee <br /> Whord,wishedern could make a decisionata later time whit option he <br /> mearlier aking Councmore il t research <br /> and <br /> informs the <br /> a ng a decision to have a voluntarydeferredfo p nsa gram tion was needed ore <br /> • <br /> to President <br /> employ .atunder <br /> newher law does <br /> apply <br /> pensions, s of <br /> income or any employee Of the C the tboadestenmier ts x will not receiving <br /> p ycbeck directly from eligible. a said anyone receiv <br /> • <br /> to uthel mp oyee and not an p yep benefit. program would be a benefit <br /> Mr.Chuck keny to represent the City <br /> u areas O Northwestern Mutual,Everett, there were 4 <br /> those w and f n bility ofo before selectina insurance <br /> tise in group retirement fel aranteed interest rates, <br /> and support service available the C employees <br /> competitive <br /> withas nguaranteede interest rate at 9reat -1/49eforAssurance <br /> 31 ears and very <br /> services <br /> to be d. <br /> Great Wes reported t s car- <br /> riered <br /> dthiG area and e statement their program w with our payroll system <br /> maximum deduction from would a be 25nta, t <br /> y defer ompensationyn yet received.ylcould tbe you could <br /> ne <br /> Councilman <br /> and 144. slfillomms et asked itteit could w me o ld one 5.. <br /> mo pre lams and c ended having just one plan initiallyot feasible as it. cause <br /> • <br /> Jerry Currens of Equitable Savings and Loan presented the program <br /> their <br /> the iciation offers,explaining that e <br /> do Sot need <br /> mpletheir _administering by <br /> an people <br /> etween <br /> viee. They offer to • <br /> de counselingemployethe n employees, <br /> l tax <br /> no charges or <br /> compounded. fees to mployershandle all payouts and eor1emp yes. Their accounts are that is edai witadministration and reporting on funds as maY he reqUired in the h <br /> tion accounts. iable Annu ty 11=fordther ed rad variable combrnaded <br /> �i <br />