City Council Needs You:
Apply to Oversee the City’s Deferred Compensation Plan
Click Here For The Application
City Council is currently seeking applicants to serve on the City’s Deferred Compensation Committee. Council is seeking a retiree and an at-large member to fill two vacancies on the Committee. The goal is to start 2013 with a full complement on the Committee to guide potential program changes recommended by a consultant.
Members of the Deferred Compensation Committee are "Trustees" of the Deferred Compensation Plan, a voluntary savings program for City employees who may choose either pre-tax or after-tax salary contributions to an array of investment choices up to the specified Internal Revenue Service contribution limits. Committee members have a fiduciary responsibility to ensure that the plan is administered in accordance with state and federal rules, regulations and statutes.
Retiree representation is now required on the Committee due to the recent passage of CB12-466, sponsored by Councilwoman At-Large Debbie Ortega. Council is working collaboratively with the Mayor’s Administration which also has appointment openings on this Committee to ensure a balanced and representative Committee.
While there isn’t a proscribed set of skills or experience that qualifies an individual for appointment, it is strongly encouraged that "trustees" offer the following:
o Basic financial literacy
o Internet access and a working knowledge of commonly accepted software packages such as MS-Word, PowerPoint and Excel (particularly the ability to read and understand financial reports)
o Basic knowledge of the City’s benefits system and processes
o Ability to work collegially with City personnel including the City Council, Department of Finance, the City Attorney’s Office and other City agencies
o Ability to devote approximately 5-10 hours per week in preparation for monthly meetings and the general administration of the “plan”
o At least one member of the committee is required to have “financial knowledge”, which includes basic investment knowledge and basic experience with retirement vehicles such as pensions, 401(k) plans and Individual Retirement Accounts (IRA)
Interested applicants may send the application, a resume and a cover letter via email or snail mail to Shelley Smith, City Council staff, at Shelley.Smith@Denvergov.org, or Denver City Council, 1437 Bannock Street, Room 451, Denver, Colorado 80202. Phone inquiries to her at 720-337-2004.