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East Bank Authority adopts Voya 457(b) retirement plan, to consider 401(k) later
Summary
The board approved using Metro’s standing Voya 457(b) contract for employee retirement benefits and will revisit a 401(k) option later. The authority introduced its new director of program management, Michelle Scopel.
The East Bank Development Authority on Aug. 26 approved entering the Voya 457(b) retirement plan through Metro’s procurement vehicle for employees and agreed to revisit a possible 401(k) plan in the future.
Ben York reported the authority has started hiring staff and that several prospective employees requested clarity on benefits. Using Metro’s standing Voya contract was presented as the fastest procurement route; the board approved the plan and the contemplated employer match that had been included in the authority’s operating budget.
Michelle Scopel, introduced at the meeting as the authority’s director of program management, described her background and recent project experience. Board members praised Scopel’s experience on complex city projects and welcomed her to the authority.
The motion to approve the benefit contract was moved and seconded and passed by voice vote.
