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Council adopts amendment favoring Voya option 1 for deferred-comp plan; vote 5-2
Summary
The City Council amended and approved a contract to select Option 1 for the city's optional deferred compensation plan recordkeeping with Voya; the amendment passed 5-2 after debate over which participant groups would bear recordkeeping fees.
The Independence City Council on Oct. 6 voted 5-2 to amend and approve a contract change to select Option 1 for the city’s optional deferred compensation plan recordkeeping with Voya.
Council member Perkins moved to substitute Option 1 in place of Option 2 in the proposed contract; the amendment passed 5-2. The subsequent approval of the contract as amended also passed 5-2 (yes: Perkins, Stewart, Wylie, Vaught, Mayor Roland; no: Fears, McCandless).
The discussion centered on recordkeeping fees and whether certain participant groups—specifically a…
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