HomeMy WebLinkAbout2018-261 (Nationwide Retirement Solutions (NRS) 457(b) Plan change in the guaranteed minimum interest rate in the fixed annuity contract effective January 1, 2019) RESOLUTION 2018-261
APPROVING NATIONWIDE RETIREMENT SOLUTIONS (NRS) 457(b) PLAN CHANGE IN
THE GUARANTEED MINIMUM INTEREST RATE IN THE FIXED ANNUITY CONTRACT
EFFECTIVE JANUARY 1, 2019
WHEREAS,the City of Stillwater has authorized participation for its employees in the
Nationwide Retirement Solutions (NRS) 457(b) Deferred Compensation Plan; and
WHEREAS, due to the consistently low interest rate environment, Nationwide
Retirement Solutions is changing the Guaranteed Minimum Interest Rate of the fixed annuity
contract in the City's plan; and
WHEREAS, upon review of the available options for changing the Guaranteed
Minimum Interest Rate fixed annuity within the City's plan, staff recommends selection of
Option One as being in the best interest of the City's participants in the plan as shown in the
attached documents.
NOW THEREFORE, BE IT RESOLVED that the Stillwater City Council hereby
approves the selection of Option One for the Nationwide Retirement Solutions (NRS) 457(b)
Plan change in the Guaranteed Minimum Interest Rate in the fixed annuity contract effective
January 1, 2019.
Adopted by the Stillwater City Council this 20th day of November, 2018.
*--ZetC2'
Ted Kozlowski, Mayor
ATT T:
Diane F.Ward, City Clerk