HomeMy WebLinkAboutReso 2011-216RESOLUTION NO. 2011-216
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN AMENDMENT TO THE
DEFERRED COMPENSATION PLAN ADMINISTRATIVE
AGREEMENT WITH NATIONWIDE RETIREMENT
SOLUTIONS, INC. TO PROVIDE FOR ADMINISTRATIVE
EXPENSE REIMBURSEMENT
WHEREAS, the City has offered a Deferred Compensation Plan through Great Western
Savings (now known as Nationwide Retirement Solutions, Inc.) to employees since 1975; and
WHEREAS, staff is recommending that the City amend the Nationwide Deferred
Compensation Plan Agreement to include an administrative expense reimbursement; and
WHEREAS, annually, Nationwide would pay the City 0.004% of the value of the plan
assets, to reimburse the City for its expenses and costs incurred in administering the plan; and
WHEREAS, the reimbursement would fluctuate as plan assets increase or decrease in
value; and
WHEREAS, these funds would have use restrictions, and would have no negative impact
to the plan participants; and
WHEREAS, Nationwide does not require afive-year fixed term agreement.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista
does hereby approve the Amendment to the Deferred Compensation Plan Administrative Services
Agreement with Nationwide Retirement Solutions, Inc. to include an administrative expense
reimbursement provision, a copy of which is on file in the Office of the City Clerk.
Presented by
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Ma ' Kachadoorian
Director of Finance/Treasurer
Approved as to form by
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len R. oogins~
Ci orney
Resolution No. 2011-216
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 Ramirz
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Cheryl Cox, M or
ATTEST:
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Donna R. Norris, C C, 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. 2011-216 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 201 ] .
Dorma R. Norris, CMC, City Clerk