An important fringe benefit currently available to City employees is the supplemental deferred compensation retirement savings plan.  Since April 2019, the City's deferred compensation program has been managed through the Tennessee Consolidated Retirement System (TCRS).  Prior to this date, the City had two separate providers for managing this plan - ICMA Retirement Corporation and Nationwide Retirement Solutions (NRS).  When the City switched to TCRS management of the deferred compensation plan, the ICMA and NRS plans were frozen, with employees having the option to transfer their assets from either plan to the TCRS plan or keep the existing assets in the frozen plan while all future contributions went to the TCRS plan.

The IRS has a six-year review schedule for the type of 401 plan documents Nationwide Retirement Solutions (NRS) makes available to plan sponsors, including the City of Brentwood.  To ensure the City's plan remains in compliance with applicable IRS laws and regulations, NRS has notified the City that we are required to submit a signed restated adoption agreement.  The restated adoption agreement does not include any plan design changes made since last adopted in April 2017 and all employee withdrawal provisions and options remain unchanged.  

Staff recommends approval of the accompanying resolution, authorizing restatement of the Nationwide Retirement Solutions 401(a) Money Purchase Plan to ensure compliance with the required IRS review process. 

Staff also recommends that the Board of Commissioners grant the City Manager the authority to approve administrative or plan maintenance changes in the future which do not substantially alter the basic plan design of the City’s deferred compensation plans.