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Council approves deferred compensation plan for elected officials; city officials clarify cost and vesting
Summary
Council approved an ordinance creating a deferred compensation plan for Hialeah elected officials. The plan allows council members to contribute up to 7% with a city match up to 7%; vesting requires five years of continuous service and there is no retroactive payment for past service.
The Hialeah City Council approved on second reading an ordinance to establish a deferred compensation plan for elected officials that mirrors options available to other city employees.
Staff and council discussed the plan’s parameters in detail. The finance director (Ruth Ruby, Finance Management) said the plan is modest compared with retirement benefits in other jurisdictions. City and legal staff emphasized the plan is not a defined‑benefit pension…
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