City of Springfield, MA Article VI Deferred Compensation Advisory Commission

[Adopted as Title 2, Ch. 2.44, of the 1986 Code]

§ 16-16 Establishment; members; terms of office.

A. The members of the Deferred Compensation Advisory Commission shall be appointed by the Mayor and shall consist of the following:

(1) The Treasurer of the City;

(2) The Data Systems Manager of the City;

(3) The City Solicitor or his or her designee;

(4) The Personnel Director of the City;

(5) The Mayor of the City or his or her designee;

(6) A representative of a union representing City employees; and

(7) A member of the local business community not related to any investment concern.

B. The Treasurer of the City shall be Chairman of the Commission.

C. All members shall serve one-year terms, and shall continue to serve until their successor is appointed.

D. A vacancy occurring otherwise than by expiration of a term shall be filled for the unexpired term in the same manner as the original appointment.

§ 16-17 Powers and duties; meetings and records.

A. The Commission shall act solely in an advisory capacity and only upon the request of the Mayor, the President of the City Council or the Treasurer of the City.

B. The Commission shall, upon request of those persons designated in this article, advise such individual with respect to the following matters:

(1) Specifications for and responses to all bids solicited on behalf of the City by the City Treasurer for the purpose of investment under the provisions of MGL c. 44, §§ 67 and 67A.

(2) Compliance with all applicable federal and state laws and regulations.

(3) Employees eligibility for participation in and termination from a deferred compensation program.

(4) Methods and programs for recordkeeping and accounting.

(5) Personnel requirements necessary to ensure the complete and effective administration of the deferred compensation program.

(6) Requirements for selection of a plan coordinator.

(7) Any and all other matters for which designated individuals seek advice.

C. The Commission shall keep accurate records of its meetings and actions. It shall meet on a regular basis as well as upon call of the chairman. It shall file an annual report with the Mayor.