Finance & Administration Council Committee - Regular Meeting

Good afternoon, everybody. Sorry for the delay. I'll go ahead and call today's meeting to order. Please go ahead and record your attendance by pushing the appropriate button. All right, we do have everybody in attendance today. Next up is approval of minutes from the Tuesday, 11/13/2025 meeting.

Move to approve unless there's noted change. Second.

Motion second to approve. Any questions or comments on the minutes as presented? If not, please record your vote on whether or not to approve the minutes. Moving to new business, we have two items. First up is resolution twenty five one sixty four.

A resolution authorizing the city of Jonesboro to approve the adoption agreement and amendment one for the city of Jonesboro, Arkansas non uniform employees four fifty seven b retirement savings plan and trust. Whereas the city of Jonesboro, Arkansas, a municipality of the state of Arkansas has been has previously established the city of Jonesboro, Arkansas non uniform employees four fifty seven b retirement savings plan and the trust, and whereas section 11.01 of the plan allows the city through appropriate action of city council to amend the plan at any time and from time to time. And whereas the employer desires to approve the adoption agreement amending the plan eligibility rules to provide the uniformed police, fire department personnel, and the elected officials of the city of Jonesboro are no longer excluded employees, and whereas the adoption agreement amends changing the plan the name of the plan to the city of Jonesboro four fifty seven b plan, and whereas this amendment is effective on 01/01/2026, whereas this amendment provides that the excluded employees are now eligible to make pretax elected deferrals to the plan without city matching contributions, and whereas this adoption agreement does not amend or change the city of Jonesboro non uniformed employees four zero one a defined contribution plan.

Now therefore be resolved by the City Council for the City Of Jonesboro, Arkansas, the section one. The City Council hereby approves and adopts the adoption agreement amending the plan eligibility rules. Section two, the mayor and city clerk are hereby authorized to execute the adopting resolution and amendment one and are authorized and directed to execute file, record and deliver such documents and excuse me, and to make such and to take such other action as is necessary in order to implement and otherwise carry out the intent of this resolution.

Move forward to full council. Second.

Motion to move forward to full council. Any questions or comments from the committee?

Mr. The only question I had was what's the difference between is what's been done in the past. I see it says we have non you say non uniform. I don't have it in front of me. April, you open that up so I can

hear officials didn't have the opportunity to participate.

Got it, got it, okay, okay. Non uniform. So that's gonna be sanitation, streets.

Yes, yeah. 2012, the city adopted the non uniform retirement plan. It include the retirement savings plan and the matching four zero one, the four fifty seven B and the four zero one A, which was the matching portion. That plan specifically excluded uniform personnel and elected officials. With first security banks, they've been our trustee from day one on this.

We were required to find a new record keeper and Milliman is providing that service now. We also are taking the opportunity to open this up for uniformed personnel and elected officials to be part of that four fifty seven b plan which they would be able to make elected contributions that aren't gonna be matched by the city. Those individuals currently have access to a nationwide plan in the old Arkansas diamond. I think that's one that's been around for many many years. There are a few participants in each of those.

This just gives them another opportunity for retirement savings. There's no cost to the city. There's obviously no deferred liability in the future on this. So we just kind of see this as an additional benefit for them. Very simply, it's just removing the exclusion for those individuals off of this four fifty seven plan.

If they want to contribute.

They will be able to contribute.

Got it,

bye bye. Thank you.

But this is, sorry one more. So this is an addition to, if I'm non uniform and I already contribute to the four zero one A, then I can contribute to this also?

Correct. The currently non uniformed contribute to the four fifty seven b which is the retirement savings plan. The city matches that contribution through the four zero one a defined contribution plan.

That

second plan is the one that these individuals are not eligible for that plan. They have lot B. They already have all of that and they have access to the other four fifty seven plan as well. So

just a follow-up question, Chairman. The non uniformed Indian elected officials, those from my understanding and reading, it's for those full time elected officials. Right? I'm saying because I read it. When I read it, it said employees less than that work less than forty hours. That's what I read. Did y'all read it?

I don't remember that being in there, but I'll scour back through that.

There was one attachment.

Yeah, the attachment. You're correct. It does indicate It is not intended for part time employees.

Just wanted to make sure that was understood. But I was just saying that included elected officials because it doesn't say that on there. That's what I'm making sure that's on

the record.

Any

other questions or comments received or anybody else? Any other comments from staff? Any questions from the public in attendance? If not, please record your vote on whether or not to forward resolution twenty five one sixty four to full council. Last time under new business is resolution twenty five one sixty six.

Resolution requesting free utility services from city water and light for traffic signals. Red City Jonesboro is requesting that city water and light provide free utilities at the following locations. 1506 North Church Street for a Hawk signal. Now therefore be resolved by city council for the city of Jonesboro, Arkansas, the section one, the city water and light be requested by this resolution to provide free utilities to the locations listed above. Section two to permit such services to be provided without charge. The city of Jonesboro hereby affirms to City Water and Light that the ultimate use of City Water and Light utilities so provided is now and shall remain a use or purpose which the city is engaged in as part of its governmental or proprietary functions under authority to it by state law.

Move to forward full council.

Second.

A motion seconded forward to full council and I bet Mr. Street would like to be recused from this because of his position on the City of Water and Light Board of Directors. Very good, yes sir. Any questions or comments on this item? Anything from staff? If not, please record your vote on whether or to forward to full counsel. That was the last item under new business. I'm not aware of any pending items. Does anybody have any other business for the community today?

Just a question. How soon do you think we'll see budget book? Next week, week after?

Document that will be placed in a binder and made available in the back hallway just as it has been for the last several years. I'm sure that the mayor will notify the city council when that's available and we'll certainly make sure that that's out there. Thank you.

Any other business for the committee today? If not, we'll move into public comments. Anything from the public that we haven't on today's agenda? All right, next item is adjournment. So

moved. Second.

All in favor say aye. Aye. Any opposed?