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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Cetervi��e <br />Agenda Item # <br />Department: <br />Requested Council Meeting Date: <br />WS 11.4 <br />Administration <br />February 22, 2023 <br />TITLE OF ISSUE: <br />PERA Deferred Compensation Program <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />City Council has the option to participate in the Defined Contribution Pension plan sponsored by the Public <br />Employee Retirement Association (PERA) that manages the regular pension plan for other city employees. <br />This plan is not required, but we want council members to be aware of its existence and to be able to participate <br />individually if anyone desires to put aside a portion of your salary tax free. The 5% contribution amounts to <br />$270 per year for each council member and $315 for the mayor. If the City Council chose to have the city <br />contribute a matching 5% for each participant, the total additional cost would be $1,395 per year if everyone <br />participated. <br />COST AND SOURCE(S) OF FUNDING: <br />2023 Budget <br />REQUESTED COUNCIL ACTION: <br />Staff recommends that the City Council review the attached documentation and discuss it with staff. <br />For Clerk's Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: <br />Resolution Ordinance Contract Minutes Plan Map <br />Second By: <br />Vote Record: Aye Nay <br />Love <br />King <br />Koski <br />Other (specify) DCP Manual <br />Mosher <br />Administration Department Use: <br />Consent <br />Refer to: <br />Regular <br />Tabled Until: <br />Other: <br />