HomeMy WebLinkAbout2019 025 CC RESO RESOLUTION NO. 2019-025
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN
PARK APPROVING THE CONSOLIDATION OF CITY'S 457(B) PLAN
RECORD-KEEPING PLATFORMS FROM TWO DIFFERENT PROVIDERS
TO A SINGLE RECORD-KEEPING PLATFORM WITH MASSMUTUAL
TAKEN AS OF JUNE 5, 2019
WHEREAS, the City of Baldwin Park provides employer sponsored deferred
compensation plans under Section 457(b) of the Internal Revenue Code ("IRC"), herein
known as "The Plan"; and
WHEREAS, the Plan provides tax benefits to employees who make deposits into the
Plan on a pre-tax basis for their retirement;
WHEREAS, the Plan may be funded with Employee contributions, employer
contributions or a combination of both on behalf of the eligible employee in a manner
permitted under the Plan; and
WHEREAS, Nationwide and ICMA-RC provide record-keeping and administrative
services in exchange for fees built into the investment options of the plan.
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 terminate the service agreements with Nationwide and
ICMA-RC and implement new a new service agreement with MassMutual with an estimated
effective date of September 16, 2019.
Section 2. The officers and employers of the City of Baldwin Park are hereby
authorized to execute, on behalf of the eligible employees of the Employer, a record-
keeping and administrative services agreement with MassMutual, and other such
agreements and contracts as are necessary to implement the program.
Section 3. This Resolution shall take effect immediately upon its adoption.
Section 4. This City Clerk shall enter this Resolution into the official book of
resolutions.
PASSED, APPROVED, AND ADOPTED this 19th day of June, 2019.
d.TI''rF, i� O
MAY iR
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. 2019-025 was duly adopted by the City Council of the City of Baldwin Park at
a regular meeting thereof held on June 19, 2019 and that the same was adopted by the
following vote to wit:
AYES: COUNCIL MEMBERS: Avila, Garcia, Hernandez, Pacheco, Lozano
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
None
ABSTAIN: COUNCIL MEMBERS:
JEAN A
CITY RK