City Council Meeting January 25, 2017
RESOLUTION Department of Finance
WHEREAS, the City Comptroller is responsible for payroll administration for City employees; and
WHEREAS, the Commissioner of Human Resources is responsible for fostering and developing programs for the improvement of employee effectiveness, including employee benefits; and
WHEREAS, in certain situations a City employee may need to buy a big-ticket item, such as a new refrigerator or computer, but be hampered by being low on cash and having a low credit score; and
WHEREAS, many of the commonly available options for such an employee are not ideal. For example, subprime/in-store credit "cards, payday loans and rent-to-own plans all include high interest rates and finance charges, and a premature withdrawal from retirement savings can result in penalties, taxes and high interest on repayment; and
WHEREAS, an attractive alternative is a program ofthe type commonly known as "financial wellness" programs. These programs offer an employee the ability to have installment payments for their necessary purchases deducted directly from their paycheck, at competitive interest rates. Such programs also often offer a suite of financial management tools, such as financial assessments and goal-setting, financial coaching, free or reduced-rate credit reports, and budgeting and debt analysis tools; and
WHEREAS, a financial wellness program, wisely used, could be a beneficial tool to help our employees responsibly enjoy the fruits of their labor, provide them with flexibility for suddenly needed consumer purchases, and enable them to become better-informed stewards of their own finances as well; and
WHEREAS, using a request for proposal ("RFP") process to procure a financial wellness program for the City will help to ensure a competitive, bias-free procurement, good value and an overall better result for our employees; now, therefore,
BE IT RESOLVED, that we, the Members of the City Council of the City of Chi...
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