§ 40-133. - Deferred Compensation Board created.
For the purposes of oversight and administration of the Deferred Compensation Program, which includes both the § 457 Deferred Compensation Plan(s) and the 401(a) governmental Money Purchase Plan(s) described in Section 40-51(20) and (21), there is hereby created a Board of the Deferred Compensation Program. The purposes of the Board include, but are not limited to, monitoring and overseeing the Deferred Compensation Program, the development and monitoring of a slate of investment options available to Program participants in terms of variety of investment options, past performance of the options, the amount of fees and costs associated with the investment options, and to monitor and inform employees of the fees and costs associated with the available and selected investment options. The Board shall, subject to available funding, hire and retain such administrators, vendors, agents, consultants, experts and attorneys as needed to allow them to carry out their mission. Funding for administration and oversight shall be provided by the City subject to annual appropriations by the City Council and no funds of the Oklahoma City Employee Retirement System shall be used however plan expenses may be paid from the respective City deferred compensation plan.
(a) Membership of the Board.
(1) The Board of the Deferred Compensation Program (Board) shall be composed of nine (9) voting members, all selected and appointed by the City Manager as set forth herein. One member shall be either the Chief Financial Officer or designee. One shall be the City Treasurer or an Assistant City Treasurer. One shall be the City Auditor, or Assistant City Auditor. One shall be the Chief Human Resources Officer or the Assistant Human Resources Director, or the Total Rewards Manager. Four shall be employees and participants in a deferred compensation plan with one from each of the three recognized collective bargaining units selected by the City Manager from a list of three (3) names provided by each of the Presidents of the local collective bargaining units and one non-represented selection. One shall be an employee participant in one of the Money Purchase Plans. The City Clerk shall act as ex-officio, non-voting member of the Board and shall act as clerk and secretary of the Board.
(2) The Board members selected by the City Manager and serving by virtue of their position shall serve as long as they hold that position unless removed at the sole discretion of the City Manager. The City Auditor, while serving by virtue of such position shall serve as long as they hold that position unless removed at the sole discretion of the Mayor or Council. The Board members selected by the City Manager from the deferred compensation plan participants shall serve for terms of three (3) years. The Board member selected by the City Manager as the Money Purchase Plan participant shall serve for a term of four (4) years. All Board members may be removed with or without cause, at any time by the City Manager, excluding the City Auditor or Assistant City Auditor.
(3) No person shall receive compensation for his/her service on the Board.
(4) If at any time a vacancy occurs in the Board, the vacancy may be filled for the unexpired term, and if it is filled, it shall be filled in the same manner that the position was previously filled.
(b) Chair and Vice Chair. The Board shall elect a Chair and Vice Chair from its members. The Chair and Vice Chair shall serve until a successor is elected. In the event the Chair and/or Vice Chair ceases to be a member of the Board, the Board shall elect from its members a successor to serve the unexpired term. The Board may adopt a policy or procedure for terms of the Chair and Vice Chair.
(c) Meetings.
(1) The Board shall hold at least quarterly meetings pursuant to a regular schedule set by the Secretary as determined by the Board. The Board may meet upon the call of its Chair, and at such other times as the Chair deems necessary. Except as may otherwise be provided herein, Robert's Rules of Order Newly Revised shall govern the conduct of all meetings of the Board.
(2) The Board shall keep a public record in summary form of its proceedings.
(3) The majority of all members of the Board shall constitute a quorum and the quorum shall have the power to transact business. No modifications to any of the deferred compensation plans shall ever be made except upon a vote of a majority of all the members of the Board. No actions related to the Plans shall be made except upon a vote of a majority of all the members of the Board. The vote on such changes shall be taken by "yeas" and "nays" and the vote of each member shall be entered upon the proceedings.
(d) General duties and powers of the Board. The Board, in addition to other powers contained in this division, shall have the power to administer the City's deferred compensation plans including the power and duties to:
(1) Monitor the overall success of the investment program.
(2) Develop, review, and revise the Investment Policy Statement.
(3) Review the reasonableness of investment and other plan-related costs.
(4) Select, monitor and evaluate the investment fund line-up.
(5) Monitor the performance and management of the investment options on a regular basis.
(6) Review investment performance with each plan's investment consultant at least quarterly.
(7) Establish and follow a prudent process in the selection of investment professionals.
(8) Appoint and remove investment professionals who assist in administering the investment program.
(9) Communicate regularly with the investment related parties to ensure proper functioning and oversight of the investment program.
(10) Provide for payment of all necessary expenses, as needed or required.
(11) Formulate procedures, rules and regulations needed for its guidance in conformity with this Division.
(12) Subject to funding by the City, work with the administrator and staff of the Oklahoma City Employee Retirement System to carry out the administration of the Deferred Compensation Program and enter into any contracts necessary to administer the Deferred Compensation Program.
(13) Develop such procedures and require such information as it deems necessary to reasonably conclude that a potential rollover contribution is a valid rollover contribution under Section 1.401(a)(31)-1, Q&A-14(b)(2), of the Income Tax Regulations, as may be subsequently amended.
(14) Select vendor(s) to assist in the administration of the City's deferred compensation plans.
(15) Authorize and direct disbursements from the City's deferred compensation plans, including payment of plan expenses.
(16) Construe, interpret and enforce the terms of the City's deferred compensation plans.
(17) Appoint and retain for each of the City's deferred compensation plans any agents as it may deem necessary or appropriate and authorize an agent or designee to execute or deliver any instrument, receive any notice, process and approve benefits applications, or make any payment on its behalf.
(18) Delegate to one or more of the members of the Board the right to act on its behalf in all matters connected with the administration of each of the City's deferred compensation plans and trusts.
To the extent any of the City's deferred compensation plans provide that the employer or City take certain actions that Section 40-133 authorizes the Board to take, then the City hereby delegates the authority to take such action to the Board.
(e) Secretary's report. The System Administrator, if retained, or the Secretary of the Board, with assistance from the City Treasurer or System Administrator shall report annually the condition of the Deferred Compensation Program, in such terms as requested and available to the Board.
(f) Legal services. The Municipal Counselor or the Municipal Counselor's designee shall be the legal advisor of the Board and shall appear on behalf of the Board in all suits brought by or against the Board.
(g) Liability Limited. In administering the Deferred Compensation Program, neither the Board or any member thereof, nor the City or any official or Employee thereof, shall be liable for any acts of omission or commission, except for his/her or its own individual willful and intentional malfeasance, misfeasance or nonfeasance. The employer and its officials and Employees, and each member of the Board shall be entitled to rely conclusively on all tables, valuations, certifications, opinions and reports which shall be furnished by the Municipal Counselor or by an accountant, attorney, investment consultant, insurance company or any other consultant or expert who shall be appointed, employed or otherwise engaged by the Board.
(Ord. No. 27206, § 3, 10-25-22; Ord. No. 27506, § 4, 1-16-24)
