HomeMy WebLinkAbout2020 002 CC RESO RESOLUTION NO. 2020-002
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN
PARK APPROVING THE CITY'S 401(A) PLAN TO WHICH EMPLOYER
PRE-TAX RETIREMENT CONTRIBUTIONS WILL BE DEPOSITED
WHEREAS, the City of Baldwin Park provides a money purchase defined
contribution retirement plan ("401(a) Plan") to which employer pre-tax retirement
contributions will be deposited; and
WHEREAS, the employee's annual deferral limit to the 457(b) Plan is no longer
impacted and employees can contribute up the maximum deferral limits allowed by the IRS;
and
WHEREAS, the fiduciary, plan audit, investment and plan consulting services
currently provided by SFG Retirement Plan Consulting for the City's 457(b) deferred
compensation plan will remain the same under the 401(a) Plan; and
WHEREAS, MassMutual will provide record-keeping and administration services for
the 401(a) Plan; and
WHEREAS, the Executive and Unclassified Manager's Benefit Matrix is being
amended to accommodate the new 401(a) Plan; and
WHEREAS, the amount of the Executive cafeteria plan is being decreased by
$250.00 per month while the deferred compensation amount is increased by the same
amount to allow Executives the flexibility to invest more of their own funds into a 457(b) Plan
account.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF BALDWIN PARK
HEREBY RESOLVES AS FOLLOWS:
Section 1. The City Council of the City of Baldwin Park, meeting in a regularly
scheduled session, hereby adopts to create the City's 401(a) Plan with an estimated
effective date of January 15, 2020.
PASSED, APPROVED, AND ADOPTED this 15th day of January 2020.
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MAYO
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS:
CITY OF BALDWIN PARK
I, JEAN M. AYALA, City Clerk of the City of Baldwin Park do hereby certify that the foregoing
Resolution No. 2020-002 was duly adopted by the City Council of the City of Baldwin Park at
a regular meeting thereof held on January 15, 2020 and that the same was adopted by the
following vote to wit:
AYES: COUNCIL MEMBERS: Avila, Garcia, Hernandez, Lozano,
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Pacheco
ABSTAIN: COUNCIL MEMBERS: None
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JEA . AYA
CI LERK