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CITY AWARDED FOR MANAGEMENT OF DEFERRED COMPENSATION PLAN

(Tues., Aug. 3, 2010)—Acting Mayor Kirk Caldwell announced today that a national financial management organization has honored the City and County of Honolulu for outstanding administration of its employee tax deferred retirement plan.

The National Association of Government Defined Contribution Administrators selected Honolulu for a 2010 Leadership Recognition Award for outstanding achievements regarding its National Save for Retirement Week Program.

            “This is great news and further proof that the City manages money carefully and prudently,” said Acting Mayor Kirk Caldwell. “Our employees should be very confident that their deferred compensation is well protected.”

            The City’s tax deferred retirement plan totals more than $350 million. The City provides oversight and management decisions via a committee of City employees who are advised by financial experts. The plan is administered by ING Retirement Services.

NAGDCA is a professional organization made up of deferred compensation/defined contribution plan administrators from the 50 states and over 100 local governments and entities, as well as private industry plan providers. The group will recognize the 2010 award winners at an upcoming annual conference.

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Media contact: Department of Budget and Fiscal Services Director Rix Maurer, 768-3901