The city currently offers a voluntary 457 retirement savings plan for employees through Equitable, formerly known as AXA. This is separate and unrelated to the Texas Municipal Retirement System, which is mandatory for all employees. The plan costs nothing to the city and is offered to employees as a voluntary deduction. Approximately 25 employees contribute to the current 457 plan.

Staff would like to offer a 457 plan through ICMA RC, which is structured differently than the current plan through Equitable. This would give employees an option of different plans if they choose to open a voluntary 457 plan account.