Posting Language
Title
Authorize execution of an agreement with the City of Austin Employees’ Retirement System for its eligible employees and retirees to participate in the City’s 457(b) Deferred Compensation Plan. Funding: This item has no fiscal impact as participation is cost-neutral to the City, with no overall expense to the City as a result of such participation.
Body
Lead Department
Austin Financial Services
Fiscal Note
This item has no fiscal impact as participation is cost-neutral to the City, with no overall expense to the City as a result of such participation.
For More Information:
Diana Thomas, Deputy Chief Financial Officer, 512-289-1066.
Additional Backup Information:
This agreement would allow the eligible employees and retirees of the City of Austin Employees’ Retirement System (COAERS) to participate in the City 457(b) Deferred Compensation Plan.
The proposed agreement, which has already been signed by COAERS, has an initial term in effect until December 31, 2031. This agreement will automatically renew with 5-year extensions unless terminated by either party. All fees and expenses associated with participation in the 457 (b) plan are paid by Plan participants. There is no expense to the City. Participation by COAERS employees will be governed by the same rules and regulations governing participation by City employees.
COAERS executed this agreement on May 1, 2026.