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OCII updates deferred compensation plan and adopts COVID‑era leave policies
Summary
OCII approved amendments to its 457 deferred compensation plan to align with current IRS rules and to add loan and CARES Act withdrawal features, and delegated authority to adopt successor‑agency COVID leave policies consistent with the City and County of San Francisco; unions raised no objections at prior meetings.
OCII commissioners on July 21 approved an updated deferred compensation plan and adopted temporary COVID‑era leave policies intended to provide income security for staff.
Bree Mahorter, OCII deputy director for finance and administration, outlined proposed updates to the agency’s 457 deferred compensation plan that bring the plan into alignment with changes in IRS rules and add two categories of employee options. ‘‘The proposed changes fall into three broad categories,’’ Mahorter said: updates to conform to current IRS regulations (for example, allowing independent contractor compensation to be eligible and permitting employees to change deferral amounts at any time), a loan program allowing employees to borrow from vested…
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