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Leesburg council approves resolution to establish deferred compensation plan board
Summary
The council approved a resolution to create a five-member Deferred Compensation Plan Board to oversee municipal deferred compensation benefits, adopting bylaws and an investment policy and authorizing the town manager to appoint members.
The Leesburg Town Council voted to establish a Deferred Compensation Plan Board to oversee the town’s employee deferred compensation plan, adopting associated governance documents and authorizing the town manager to appoint board members.
Staff told the council the proposed board would have five members: the town CFO as chair, the HR director as secretary, and up to three additional seats to be filled by employees or retirees who participate in the plan. The board would be assisted by the town’s investment consultant, and members would carry fiduciary responsibilities to select and monitor investment options and review plan costs.
Council Member Cummings made the motion to establish the board; Council Member Steinberg seconded. The motion carried by voice vote. Council and staff said any future changes to the governance documents would return to council for consideration.
The resolution, as presented in the meeting packet, was adopted by the council.
