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Council adopts KPERS 457(b) deferred compensation option for employees
Summary
Council approved Resolution No. 05-2024 to allow the City of Lindsborg to join the KPERS 457(b) State of Kansas deferred compensation program as administrator; staff noted potential lower fees and no employer contribution; vote was 8-0.
The Lindsborg City Council voted 8-0 on Sept. 3 to authorize city documents to participate in the KPERS 457(b) State of Kansas deferred compensation plan as the program administrator for voluntary employee accounts. The resolution (No. 05-2024) was moved by Councilmember Kirsten Bruce and seconded by Councilmember Joshua Swanson.
Agenda materials compared the city’s current provider (Security Benefits) with KPERS 457(b), showing lower typical asset-based and fund expense charges under KPERS and noting coordination and fiduciary handling advantages. The materials state there is no cost to the City to participate and that 11 employees currently participate in the city’s deferred compensation plan; employees would not be required to move but new hires would be offered the KPERS option. The motion passed 8-0 by roll call vote.
