Deferred Compensation Plan or Defined Contribution Plan is a plan that allows an employee to set aside a portion or percentage of his or her salary to be paid at a later date, generally tax-deferred, such as plans available under Sections 401, 403, and 457 of the Internal Revenue Code. The Deferred Compensation Board, created by the Mayor & Commission on July 1, 2019, is charged with providing for regulation and governance of defined contribution plans, including but not limited to reviewing and selecting investment options; developing investment policy statements; reviewing fees and ensuring that they are reasonable; communicating with plan providers; and considering the comments and suggestions from plan participants.
Members of the Deferred Compensation Board include the following voting members: Commissioner Tim Denson, the Manager, Human Resources Director, Finance Director, two employee representatives elected by vote of the ACCGov employees, and one community representative appointed by the Mayor. Ex Officio/Nonvoting Members include the Athens-Clarke County Attorney or designee; Benefits and Wellness Administrator; and the Assistant Human Resources Director, who serves as secretary to the board.
Meetings are to be held quarterly at the Satula Avenue Training Room at 3:30 p.m.
ACCGOV offers three types of Employee Deferred Compensation Plans:
457 Deferred Compensation Plan, which is comprised solely of employee contributions. There is no vesting period.
401(a) ACCGOV Matching Fund, which is comprised solely of employer funds not to exceed one percent of employee salary. There is a five‐year graduated vesting schedule at 20% per year.
401(a) Management Plan Defined Contribution, which is comprised solely of employer funds and based on contractual agreement with employees that meet the criteria for participation. Employees are vested on the first day of employment.
For more information on the Deferred Compensation Board, visit the Code of Ordinances online.