Title 07 Finance
Chapter 07.08 Funds
Article II. Special Revenue Funds
Section 07.08.147 Defined Contribution Administration Fund
- There is established in the City treasury a special revenue fund to be known as the “defined contribution administration fund” to be used for the receipt of revenues and for the payment of reasonable expenditures related to the 457 Plan. The revenue derives from the terms of the contract(s) between the City and the City’s defined contribution plan provider(s). The contract(s) specifically require the provider(s) to return any and all investment revenues in excess of the agreed to amounts to the Plan.
- The use of the funds is restricted to reasonable 457 Plan administration expenditures and should be discharged with the purpose of providing for the plan, its participants and beneficiaries.
- In the event that excess revenues exceed the amount necessary to offset reasonable Plan expenditures, these excess revenues will be allowed to accumulate in the defined contribution administration fund to be used for future plan expenditures or rebated to participants.
Date Passed: Monday, November 3, 2008
Effective Date: Wednesday, December 10, 2008
Ordinance C34324 Section 1
