IN SUPPORT OF THE UNITED STATES CONFERENCE OF MAYORS RETIREMENT PROGRAM

WHEREAS, The United States Conference of Mayors, with the support of mayors across the country, assisted in writing the legislation for 457(b) deferred compensation programs in 1977; and

WHEREAS, at the request of mayors, The United States Conference of Mayors has provided for 35 years a 457(b) program for the nation’s public employees; and

WHEREAS, the majority of public sector employees will not have enough money saved combined with pensions to have a safe and secure retirement; and

WHEREAS, public sector employees rely on their employer to provide information about adequate retirement savings and the vehicles in which to enhance their savings; and

WHEREAS, the staff of The United States Conference of Mayors conducted a thorough review of the 457(b) marketplace, and took steps to improve and re-brand The United States Conference of Mayors Retirement Program; and

WHEREAS, the new partnership with Great-West Financial, in its first 6 months, was a finalist for Public Defined Contribution Plan Sponsor of the Year Award; and

WHEREAS, The United States Conference of Mayors Retirement Program has been and will continue to be a crucial source of support for the entirety of the Conference; and

WHEREAS, fiduciary training for city plan sponsors is a vital need for cities to protect themselves from the liabilities of plan malpractice; and

WHEREAS, The United States Conference of Mayors Retirement Program has been and will continue to be an effective tool for providing cutting edge retirement best practice and fiduciary education to mayors and their city staff;  and

WHEREAS, The United States Conference of Mayors Retirement Program is a national leader in plan governance, providing full transparency to plan sponsors and participants; and

WHEREAS, The United States Conference of Mayors Retirement Program will continue to conduct an annual review using marketplace data and city feedback to benchmark the program and ensure a best value offering is provided to all cities,

NOW, THEREFORE BE IT RESOLVED, that the nation’s mayors acknowledge the importance of supplemental retirement savings and will encourage their employees to utilize these programs in their cities; and

BE IT FURTHER RESOLVED, that the nation’s mayors support the regular review and analysis of their city’s supplemental retirement programs to ensure the needs of employees are being met at the best price possible; and

BE IT FURTHER RESOLVED, that the nation’s mayors support the growth and promotion of The United States Conference of Mayors Retirement Program among America’s cities; and

BE IT FURTHER RESOLVED, that the nation’s mayors call upon the staff of The United States Conference of Mayors to continue providing this valuable program and the best practices it supports.