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<br />-- <br /> <br />-- <br /> <br />III"'"'".: . <br /> <br />CITY OF LA PORTE <br />INTER-OFFICE MEMORANDUM <br /> <br />TO: Richard Hare, Assistant City Manager 11-11-85 <br />FROM: Doug de la Morena, Human Resources Manager~'~ <br />RE: ICMA Retirement Corp.-Deferred Compensation Plan <br /> <br />Pursuant to our conversations regarding improved Employee <br />Benefits at no additional cost to the City, I have requested <br />that a representative of the ICMA Retirement Corp. speak to our <br />City Council on November 18, 1985 concerning ICMA's Deferred <br />Compensation-Supplemental Retirement Plan. The attached agenda <br />item, sample resolution and exhibits should provide sufficient <br />preliminary detail on the merits and particulars of the plan. <br /> <br />Essentially, the ICMA Retirement Corp., as a nonprofit <br />organization affiliated with the ICMA and serving hundreds of <br />cities nationwide, will administer employee payroll deductions <br />under one or more investment portfolios. The investment options <br />range from a guaranteed yield fund to a variable stock fund. <br />Payroll deductions are strictly voluntary but employee <br />withdrawals are tightly regulated by prescribed policy. There is <br />no cost to the City either in terms of contribution or <br />administration of the plan. <br /> <br />I have gathered information on the ICMA Retirement Corp <br />Plan as well as a similar plan offered by Merrill Lynch for <br />purposes of comparison. I recommend that the ICMA Retirement <br />Corp's Deferred Compensation Plan be given an opportunity to be <br />placed before City employees for their discretion. Should you <br />have any questions or concerns, please advise. <br /> <br />DM/db <br /> <br />~I2 <br />