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Council adopts deferred compensation plan and authorizes service agreement
Summary
Mountainside adopted a Section 457 deferred compensation plan (Plan ID 21‑PD‑Empower‑110121) and authorized the Borough Administrator to enter a service agreement with National Life Group as plan provider.
The Borough Council on Nov. 26 adopted Resolution 138‑2024 to approve a Section 457 deferred compensation plan for municipal employees and to authorize the Borough Administrator to enter into a service agreement with National Life Group. The action follows a request for proposals by the Police Benevolent Association and review of proposals from Empower Retirement, Weinerman Wealth Management and Equitable Financial Life Insurance.
The resolution states the PBA determined Empower had the ability "to maintain complete records of accounts; (2) manage accounts with absolute fidelity; (3) provide advice concerning various categories of investments; and (4) provide continuing consultation to participants." The council adopted the plan document (identifier 21‑PD‑Empower‑110121) and authorized execution of Service Agreement 21‑SA‑Empower110121; the Clerk noted required submission of the certified resolution to the Division of Local Government Services.
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