The Aurora Finance Committee made significant strides in enhancing the city's deferred compensation plans during its recent meeting on August 28, 2025. A key resolution was passed to revise the rules governing these plans, marking the first substantial update since 2003. This change comes in response to a dramatically evolving market landscape for retirement plans and aims to implement best practices identified by a hired consultant.

Dan Ferguson, the accounting manager, highlighted the need for modernization, noting that the existing committee structure had not been regularly utilized. The revised plan will now include active and retired employee participants, ensuring that a broader range of perspectives is considered in decision-making processes. This move aims to empower employees and improve engagement with the plans, which currently see participation rates of less than half among city employees.

The committee's new structure will also allow for quarterly meetings to review performance and investment options, addressing concerns about inefficiencies and high fees associated with the current seven plans. Ferguson emphasized the importance of making the plans more accessible, particularly for younger employees who may not fully understand the benefits available to them.

The resolution passed unanimously, with committee members expressing optimism about the potential for increased participation and better management of the city's deferred compensation offerings. As the city prepares for the upcoming Labor Day break, the committee's actions signal a proactive approach to employee benefits and financial planning.