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2023-049 - Amending Resolutions 2011-024 and 2016-053 and Appointing the Executive Director of the Finance and Management Services Agency as the Plan Administrator for the City's 457(B), 401(A) and 401(H) Plans
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2023-049 - Amending Resolutions 2011-024 and 2016-053 and Appointing the Executive Director of the Finance and Management Services Agency as the Plan Administrator for the City's 457(B), 401(A) and 401(H) Plans
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8/9/2023 5:15:52 PM
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City Clerk
Doc Type
Resolution
Agency
Clerk of the Council
Doc #
2023-049
Item #
20
Date
8/1/2023
Destruction Year
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RESOLUTION NO.2023-049 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AMENDING RESOLUTIONS 2011-024 AND <br />2016-053 AND APPOINTING THE EXECUTIVE DIRECTOR <br />OF THE FINANCE AND MANAGEMENT SERVICES <br />AGENCY AS THE PLAN ADMINISTRATOR FOR THE <br />CITY'S 457(B), 401(A) AND 401(H) PLANS. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1: The City Council hereby finds, determines and declares as follows: <br />A. The City sponsors a 457(b) Deferred Compensation Plan currently through <br />Prudential, 401(a) Retirement Savings Plan through Public Agency <br />Retirement Services ("PARS"), and 401(h) Retirement Health Savings Plan <br />through Mission Square (the "Plans") which are funded through employee <br />salary deferrals and any employer matching contributions authorized by the <br />City Council. All third -party expenses of administering the Plans are paid by <br />those current and former employees participating in the Plans. <br />B. As sponsor, the City has fiduciary obligations relating to the Plans. These <br />fiduciary obligations generally include monitoring the investment funds <br />available to participants in the Plans, determining whether changes should be <br />made to investment funds available through the Plan, maintaining compliance <br />with applicable federal and state laws and regulations, and completing <br />necessary paperwork related to the Plans. <br />C. Pursuant to Resolution 2011-80 as amended by Resolution 2016-053, the <br />Executive Director of Finance was appointed as the City's Plan Trustee and <br />the Executive Director of Human Resources as Plan Administrator for the <br />City's 401(h) Retirement Health Savings Plan. Pursuant to Resolution 2011- <br />024, the Executive Director of Human Resources was designated as Plan <br />Administrator for the 401(a) PARS Plan. <br />D. It is now desired to appoint the Executive Director of Finance and <br />Management Services Agency ("Finance Director") as the Plan Administrator <br />for all the Plans and to amend Resolutions 2011-024 and 2016-053 as to the <br />designated Plan Administrator. <br />Section 2: The Santa Ana City Council hereby amends Resolutions 2011-024 <br />and 2016-053 as to the designation of the Plan Administrator and appoints the Finance <br />Director as Plan Administrator for the 457(b) Deferred Compensation Plan, 401(a) <br />Retirement Savings Plan, and 401(h) Retirement Health Savings Plan, which includes <br />full authority and responsibility to manage all fiduciary requirements associated with the <br />Resolution No. 2023-049 <br />Page 1 of 3 <br />
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