City Council/Financing Authority Meeting


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  AGENDA ITEM NO. I.4.       
Meeting Date: 09/21/2021  

SUBJECT:
Approve Plan Documents with Nationwide Financial Services for the City's Deferred Compensation Program and Resolution No. 8260 authorizing the City Manager, or his or her designee, to review and execute plan documents in support of the administration of the City's Deferred Compensation Program (Assistant City Manager McConnell)
MOTION(S):

If the City Council determines that staff’s recommendation is appropriate, the following motions are provided:
  1. I move to approve the Plan Document with Nationwide Financial Services; and
     
  2. I move to approve Resolution No. 8260.
RECOMMENDATION:

Staff recommends the City Council approve the plan documents with Nationwide Financial Services and Resolution No. 8260 authorizing the City Manager, or his or her designee, to review and execute plan documents in support of the administration of the City's Deferred Compensation Plan.
DISCUSSION:

The City contracts with Nationwide Financial Services to provide deferred compensation accounts for employees.  These accounts include 457(b) and 401(a) options.  Based on provisions within the Memorandums of Understanding (MOU's) with the employee bargaining groups, employees may participate in the deferred compensation program. 

The provisions within the MOU's related to the deferred compensation program have been revised through negotiated side letters with each group to maintain legal compliance.  As a result of those changes, the plan documents with Nationwide have been modified to reflect those changes with each of the bargaining units.  

Further, staff is seeking approval of Resolution No. 8260 authorizing the City Manager, or his designee, to review and execute plan documents with Nationwide when modifications are needed to reflect negotiated changes with the employee bargaining groups.  
ALTERNATIVES:

N/A
STRATEGIC PLAN:

N/A
SUBMITTED BY:
Janice McConnell, Assistant City Manager

RECOMMENDED BY:
Charles M. Duggan Jr., City Manager

REVIEWED BY:
Daniel J. McHugh, City Attorney
Janice McConnell, Assistant City Manager
Danielle Garcia, Management Services/Finance Director

PREPARED BY:
Tommi Ng, Assistant Director, HR/Risk Management
 
  

Fiscal Impact
Discussion:
There is no fiscal impact.
Attachments
Nationwide Plan Documents
Resolution No. 8260


    

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