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City of Lakewood (Colo.) Deferred Compensation Plans
The City of Lakewood (Colo.) Deferred Compensation Plans provide a tax-advantaged retirement savings vehicle for municipal employees, structured under Section...
City of Lakewood (Colo.) Deferred Compensation Plans
The City of Lakewood (Colo.) Deferred Compensation Plans provide a tax-advantaged retirement savings vehicle for municipal employees, structured under Section 457 of the Internal Revenue Code. The plans are sponsored by the City of Lakewood and operate through a Board of Trustees that includes Mayor Adam Paul, CFO Holly Björklund, and historically, former Finance Director Larry Dorr. The City Clerk, currently Michele Millard, handles administrative functions and attestation for plan amendments. The plans represent a defined-contribution structure, where participants direct their own investment elections from a curated menu of options. Unlike a defined-benefit pension, the plans do not carry unfunded liability risk for the city. The investment menu is selected by the trustee board, which has historically maintained a posture focused on low-cost, diversified core options. The plans participate in industry benchmarking through the National Association of Government Defined Contribution Administrators (NAGDCA). Lakewood’s finance department has received repeated recognition from the Government Finance Officers Association (GFOA) for its budget presentation and annual comprehensive financial reporting. The deferred compensation plans are administered as part of the city’s broader finance operations, with the CFO holding a direct trustee role — embedding plan governance inside the municipal finance leadership rather than an independent board. The trustee structure integrates the city’s top elected and appointed financial officials directly into plan oversight, making governance inseparable from the municipality’s general executive function. This contrasts with plans that use independent fiduciary committees. The dual role of the CFO as both plan trustee and city budget officer creates an alignment between the city’s overall fiscal health and the administration of employee retirement assets.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Lakewood
Corporate office
Lakewood, CO, United States
Principals
Adam Paul
Mayor and Trustee
Holly Björklund
Chief Financial Officer and Trustee
Larry Dorr
Former Finance Director and Trustee
Frequently asked questions
Who runs investment decisions for the City of Lakewood Deferred Compensation Plans?
The Board of Trustees governs the plans. The board includes Mayor Adam Paul, CFO Holly Björklund, and has historically included the city’s Finance Director. The board selects and monitors the investment options offered to plan participants, rather than delegating to an external investment committee.
How is the plan structured under tax code?
The plans operate as eligible deferred compensation plans under Section 457(b) of the Internal Revenue Code, designed specifically for state and local government employees. This structure allows employees to defer compensation on a pre-tax basis, with distributions taxed as ordinary income in retirement.
Does the City of Lakewood bear investment risk for the plans?
No. As a defined-contribution arrangement, the plans place investment risk on participants, who direct their own contributions among the investment options selected by the trustee board. The city is not responsible for guaranteeing a specific retirement benefit, and the plans carry no unfunded actuarial liability on the city's balance sheet.
Is the City of Lakewood Deferred Compensation Plans part of Colorado's state pension system?
No. The plans are separate from the Colorado Public Employees' Retirement Association (PERA), which is the state-level defined-benefit pension system. Lakewood's plans are local municipal supplemental retirement vehicles governed solely by the city's own board of trustees.
Who handles the plan's financial oversight and reporting?
The city's Finance Department, under CFO and trustee Holly Björklund, manages the plan's financial reporting. The department has received multiple GFOA awards for budget and financial reporting quality, indicating a high standard of fiscal transparency that extends to the plans' administration.
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