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Council adopts State of Indiana deferred-compensation agreement with Nationwide
Summary
The council unanimously adopted a resolution and signed an employer adoption agreement to make the State of Indiana deferred compensation plan (HoosierStart) available to town employees through Nationwide, citing lower fees and administrative assistance to town staff.
The Newburgh Town Council voted Wednesday to adopt the State of Indiana’s deferred-compensation plan, referred to in meeting materials as HoosierStart, and to execute a participating-employer adoption agreement with Nationwide.
Deputy Town Manager Andrea Balboni explained the action: Newburgh already offers a Nationwide deferred compensation option to employees, and HoosierStart is a statewide program that provides a broader investment lineup, lower administrative fees and state-level oversight. Balboni said there would be no cost to the town and that some administrative compliance tasks would be handled by the plan administrator, reducing workload for town staff.
Council conducted the adoption in two steps: staff requested a motion to approve the adoption agreement and then a motion to read and adopt Resolution 2025-510 (presented in the meeting as “Resolution 20 20 five-ten, a resolution to adopt the State of Indiana Deferred Comp Plan”). Both motions passed by voice vote; the record shows the council said “Aye” and the chair declared the motions carried.
Balboni said the plan’s portability would allow employees who leave the town to take their accounts with them under the statewide arrangement and noted other Indiana municipalities had adopted the state plan. No members objected, and no additional cost to the town was reported.
