RES 2025-01 Termination of Metlife 457 Deferred Compensation Plan TOWN OF TROPHY CLUB
RESOLUTION NO. 2025-01
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF
TROPHY CLUB, TEXAS, APPROVING THE TERMINATION OF THE
METLIFE 457 DEFERRED COMPENSATION PLAN (PLAN NUMBER
1014964-01); AUTHORIZING THE TOWN MANAGER TO TAKE ALL
NECESSARY ACTIONS TO IMPLEMENT THIS RESOLUTION; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Trophy Club (the "Town") is a home rule municipality
acting under its charter adopted by the electorate pursuant to Article XI, Section 5, of the
Texas Constitution and Chapter 9 of the Texas Local Government Code; and
WHEREAS, the Town offers a comprehensive benefits package to its employees,
including a voluntary 457 Deferred Compensation Plan to assist with retirement savings;
and
WHEREAS, the Town previously contracted with MetLife to administer the 457
Deferred Compensation Plan (Plan Number 1014964-01), but has since transitioned to
Mission Squared for the administration of these services; and
WHEREAS, employees with MetLife accounts were permitted to retain their
accounts and continue making contributions following the transition to Mission Squared;
and
WHEREAS, as of October 2024, all remaining funds have been withdrawn from
the MetLife 457 Deferred Compensation Plan (Plan Number 1014964-01 ), and no further
contributions have been made by employees; and
WHEREAS, the Town desires to streamline its benefits management program and
reduce administrative complexity of managing multiple plans;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF TROPHY CLUB, TEXAS, THAT:
Section 1. The Town Council hereby authorizes the termination of the MetLife 457
Deferred Compensation Plan (Plan Number 1014964-01).
Section 2. The Town Manager or the Town Manager's designee is hereby
authorized to take all necessary actions to implement this Resolution, including taking
steps to formally close the MetLife 457 Deferred Compensation Plan (Plan Number
1014964-01).
RESOLUTION NO 2025-01 PAGE 2
Section 3. This Resolution shall take effect from and after its date of passage in
accordance with law.
PASSED AND APPROVED by the Town Council of the Town of Trophy Club,
Texas, on this 13th day of January 2025.
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ATTEST:
Tammy Dixon, mown S cretary