(a) The Board shall have the sole authority for the operation of the Plan in accordance with its terms and shall rule on all questions arising out of the administration, interpretation and application of the Plan, which determination shall be conclusive and binding on all Participants. Actions of the Board are subject to the provisions of Charter section 245.
(b) One or more organization(s) shall be selected and contracted with by the Board to assist the Board in the administration of the Plan and to provide Plan investment options, Plan consulting services, Plan auditing services, and other services related to the administration of the Plan. The contractor(s) shall be governed by the Board.
(c) The Board shall be responsible for making hardship determinations.
(d) The Board shall also report annually to the City Council and to all Plan Participants concerning the administration and financial condition of the Plan.
(e) Effective July 1, 2008, the Board of Deferred Compensation Administration shall consist of nine Board Members (Board Members), as follows:
(1) The General Manager of the Personnel Department who shall coordinate and/or disseminate rulings and responses necessitated by Board actions; and shall, through his/her Office, provide staff assistance and support to the Board.
(2) The General Manager of the Los Angeles City Employees Retirement System.
(3) The General Manager of Fire and Police Pensions.
(4) The Retirement Plan Manager of the Water and Power Employees Retirement Plan.
(5) One elected representative from the Los Angeles City Employees Retirement System, who shall be an active City employee and Plan Participant, elected by a plurality vote of the active membership of the Los Angeles City Employees Retirement System.
(6) One elected representative from the Fire and Police Pensions, who shall be an active employee and Plan Participant, elected by a plurality vote of the active membership of Fire and Police Pensions.
(7) One elected representative from the Water and Power Employees Retirement Plan, who shall be an active employee and Plan Participant, elected by a plurality vote of the active membership of the Water and Power Employees Retirement Plan.
(8) One elected retired employee representative, who shall have retired or otherwise severed employment from the City and be a Plan Participant, elected by a plurality vote of Plan Participants who have retired or otherwise severed employment from the City.
(9) One employee organization representative selected by the City’s recognized employee organizations. The representative shall be an active City employee and Plan Participant. Beginning July 1, 2008, the selection of the representative must occur and be certified by formal action of the recognized employee organizations not less frequently than once every two years.
An elected term for Board Members designated in (5) through (8) above shall be three years. The Office of the City Clerk shall administer those elections, and the Plan shall bear the costs of the elections. Should a vacancy occur within an elected position, wherein the balance of the term is between one and three years, a special election shall be held to fill the vacancy. Should a vacancy occur within an elected position, wherein the balance of the term is less than one year, the position may be filled with a representative selected by the corresponding retirement board.
The selection of the employee organization representative shall be conducted by the City’s recognized employee organizations in accordance with the procedures established by those organizations for that purpose.
Until July 1, 2008, the Board shall continue to be constituted, and its members selected in the manner specified as of July 1, 2007. The new terms of all Board Members shall begin July 1, 2008, with the exception of the elected representative of the Water and Power Employees Retirement Plan and the elected retired employee representative whose terms shall begin on July 1, 2009. The persons representing the Water and Power Employees Retirement Plan and the retired employees on July 1, 2008, shall continue to serve as Board Members until July 1, 2009. No elected Board Member shall be subject to a limit on the number of terms he or she may serve. Board Members shall serve without compensation. The Board shall elect a new chairperson and vice-chairperson from among its members at its first meeting in January of every even numbered year, and shall promulgate rules and bylaws for the conduct of its meetings within the Deferred Compensation Plan Document.
(f) It is the intent of the City Council that the Plan operate at no cost to the City. Administrative and operating costs are to be defrayed by the participating Employees through direct assessments or fees to be determined by the Board based upon arrangements that the Board may negotiate with service/product providers.
(g) Department managers will permit Employees to attend up to two presentations annually to be given by the Administrator(s) to explain the Plan. Department managements will permit Employees to use accumulated overtime or adjust their hours or otherwise make up for the time spent at the presentation. The method of making up the time is subject to department management approval. Presentations will be scheduled in City facilities and may occur during normal business hours. The Administrator(s) shall not directly contact any department management to set up these meetings, but shall work through the Board.
(h) The Administrator(s) shall be provided space to meet individually by appointment with Employees interested in participating in the Plan. Employees wishing to meet with the Administrator(s) during their normal working hours must obtain prior permission from their department managers and must arrange to make up the time taken to meet with the Administrator(s). Time can be made up by using compensatory time, or another method that the department management approves.
(i) The Board is hereby authorized to approve, and the chair of the Board is hereby authorized to execute, amendments to contracts with Plan administrators when the amendments result in no new costs to either the City or to any participants in the Plan.
(j) The Board shall periodically cause to be conducted representative sample surveys of Plan Participants to determine member satisfaction, complaints, ideas for improvement of the Plan, and to obtain similar information.
SECTION HISTORY
Added by Ord. No. 154,806, Eff. 2-13-81.
Amended by: In Entirety, Ord. No. 158,396, Eff. 11-14-83; Ord. No. 162,923, Eff. 12-13-87; Ord. No. 162,980, Eff. 1-3-88; Ord. No. 165,932, Eff. 7-6-90; Ord. No. 170,511, Eff. 6-10-95; Ord. No. 170,512, Eff. 6-10-95; Ord. No. 172,415, Eff. 2-22-99; In Entirety, Ord. No. 174,407, Eff. 2-28-02, Oper. 1-1-02; In Entirety, Ord. No. 179,803, Eff. 5-26-08.