| DUTIES
: The Deferred Compensation Advisory
Committee administers the Deferred Compensation Plan, the
trust account and is responsible for the operation of the
Plan in accordance with the terms of the plan. The Committee
is required to determine all questions arising out of the
administration, interpretation and application of the Plan
and the Trust including evaluating and selecting investment
options.
RELATIONSHIPS :
The Committee has the authority to enter into agreements
on behalf of the City for the administration of the Plan,
for custodial agreements for funds, and for investments under
the Plan. The Committee has broad authority in the administration
of the City’s deferred compensation plans. However,
that authority must be exercised within the limitations imposed
by the Plan and within the requirements of the applicable
fiduciary standards.
QUALIFICATIONS :
Each member must be a participant of the Deferred
Compensation Plan for at least one year prior to selection
or appointment and remain a participant throughout his or
her term of office.
MEETINGS : The
Deferred Compensation Advisory Committee meets the fourth
Thursday of each month at 9:00 a.m. at City Hall, 200 East
Santa Clara Street. The Committee spends approximately 5 hours
a month attending monthly meetings and an additional 7 hours
per month on Committee business.
BENEFITS : There
is no compensation for the members of the Deferred Compensation
Advisory Committee. However, from time to time, Committee
members may be reimbursed for some expenses incurred on City
business.
POLITICAL REFORM ACT:
The Conflict of Interest Section of the Political
Reform Act applies to the Deferred Compensation Advisory Committee.
Committee members are required to file a Statement of Economic
Interests (Form 700).
APPOINTMENT PROCESS :
Two members are appointed by the City Manager, one member
with experience in financial or benefits administration and
one member-at-large. Five members are appointed by the City
Council. They are recommended for appointment by the employees:
one member recommended by the “Management Employees”,
one by the Police Officers’ Association, one by Firefighters
Local 230, one by the employee organizations affiliated with
American Federation of State, County, and Municipal Employees,
AFSCME Local 101 (Municipal Employees Federation and Confidential
Employees), and one by the trades organizations (Association
of Building, Mechanical and Electrical Inspectors, ABMEI,
International Union of Operating Engineers, OE 3, and International
Brotherhood of Electrical Workers Local 33, IBEW).
ATTENDANCE POLICY:
Committee Members are expected to attend all Committee
Meetings. Members, who have unexcused absences from any three
consecutive regular meetings, or 25% of the meetings in a
calendar year, are deemed to have resigned from the Committee.
For further information about the Committee, please contact
the Advisory Committee Staff at 408-975-1465 or DeferredCompensation@sanjoseca.gov
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