HomeMy WebLinkAboutReso 2011-215RESOLUTION NO. 2011-215
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN AMENDMENT TO THE
ADMINISTRATIVE SERVICES AGREEMENT WITH ICMA
RETIREMENT CORPORATION TO EXTEND THE TERM OF
THE AGREEMENT FOR FOUR MONTHS
WHEREAS, ICMA Retirement Corporation (ICMA) has been a plan administrator for
the City's Deferred Compensation Plan since 1986; and
WHEREAS, at that time, the contract with ICMA was established with an initial term of
five years with an automatic renewal for each succeeding yeaz, unless there was a 60-day written
notice provided by either party; and
WHEREAS, the original Plan Administration Fee was set at 0.90% of the plan assets and
over the yeazs was reduced to 0.29% due to the increasing size of the City's plan assets; and
WHEREAS, in November 2004, City Council approved the establishment of a five-yeaz
fixed term agreement with automatic renewals for two succeeding years in exchange fora 0.00%
Plan Administrative Fee, thus yielding higher returns to employees participating in the plan; and
WHEREAS, the Administrative Services Agreement with ICMA for the City's Deferred
Compensation Plan is set to expire in November 2011; and
WHEREAS, staff is recommending approval of an amendment to the Agreement to
extend the term of the Agreement for four months; and
WHEREAS, the City Council has directed staff to report to the Council within four
months with a recommendation as to whether the City should pursue a competitive bid procedure
in securing the administrators for the City's deferred compensation plans.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista
does hereby approve the Amendment to the Administrative Services Agreement with ICMA
Retirement Corporation to extend the term of the Agreement for four months, and authorize the
City Manager and City Attorney, or their designees, to execute the Amendment.
Presented by
'~n Maria Kachadoorian
i Director of Finance/Treasurer
Approved as to form by
Z
Glen R. oogins
orney
Resolution No. 2011-215
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 15th day of November 2011 by the following vote:
AYES: Councilmembers: Aguilaz, Bensoussan and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: Castaneda and Ramirez
Cheryl Cox, Ma r
ATTEST:
tip. ~~~~
Donna R. Norris, CMC, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2011-215 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 15th day of November 2011.
Executed this 15th day of November 2011.
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Donna R. Norris, CMC, City Clerk