HomeMy WebLinkAboutReso 2013-219 RESOLUTIOI`' I�'O. 2013-219
RESOLUTION OF THE CITI' COUI�'CIL OF THE CITY OF
CHULA V1STA APPROVII�'G THE FORM OF A?�'
AGREEMENT BETVdEEN THE CITY AND FIDUCIAR�'
E.YPERTS. LLC
�'�'HEREAS. during the past decade; numerous legislative and regulaton� chanees ha�e
significantly impacted the ti�a}� public sector emplo}�ers manage their deferred compensation
plans; and
WHEREAS, because of the Small Business Job Protection Act. the Economic Gro��th
and Ta� Relief Reconciliation Act and the Pension Protection Act. emplo��ers are required to
esercise fiduciar}� "due diligence ' to assure that fund options and pro��ider services aze
competitive and provide optimal im�estment return to participants; and
WHEREAS, therefore, it is part of the Cit��'s fiduciary responsibilit�� to explore the most
competiti��e options (for both funds and sen�ices) ���hile formalizing their fiducian- process; and
WHEREAS, the Cirv is tasked �i�ith formalizine the in��estment committee and re��iewine
information as it pertains to the emplo��ee deferred compensation plan and providing input on the
fund selections and services rendered by the Cit��'s deferred compensation provider and
neeotiatine lo���er costs overall: and
R'HEREAS; the City has had nvo deferred compensation pro��iders for the past se��eral
years that are Nation�+�ide Retirement Sen�ices and [CMA-Retirement Corporation; and
�4'HEREAS, based on a comprehensi��e re��ie�v of fees. imestment options and
educational sen�ices, the consultant ���ould be in charge of facilitatine the process to restructure
plans, re��ieti� and neeotiate on the Cit}�'s behalf as its fiduciarv: and •
V�'HEREAS, the Finance Department conducted a Request For Proposal (RFP� L.i-12/13)
for consultants that closed on November 9. 2012: and
WHEREAS: the Selection Committee unanimoush� chose Fiduciarv Experts, LLC as the
successful proposer; and
�VHEREAS, Consultant ���arrants and represents that it is e�perienced and staffed in a
manner such that it can deli��er the sen�ices required of Consultant to City in accordance with the
time frames and the terms and conditions of the Aereement.
Resolution No. 2013-219
Pase 2
I�'OVd, THEREFORE, BE IT RESOLVED b}� the Cit}� Council of the City of Chula
Vista, that it approves the Agreement between the City of Chula Vista and Fiduciary Esperts,
LLC, for fiduciarv services related to the Cit��'s deferred compensation plans. in the form
presented, as may ha��e been modified by the Council prior to its approval and with such minor
modifications as may be required or approved by the City Attorney, a copy of which shall be
kept on file in the Office of the City Clerk and authorizes and directs the Mayor to esecute same.
Presented b}� Approved as to form b}�
c ,l'�C�-�-= I �.1.�— � ,
Maria :achadoorian len R�Googins
Director of Finance/Treasurer �ty Att ey
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista;
Califomia, this �th day of November 2013 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, Ramirez, Salas and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
V�
Cheryl Cox, ayor
ATTEST:
1.« 0
Donna R. Norris, C C, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
C[TY OF CHULA VISTA )
1, Donna R. Nonis, City Clerk of Chula Vista; California, do hereby certify that the foregoing
Resolution No. 20li-219 was duly passed, approved, and adopted by the City Council at a
special meeting of the Chula Vista City Council held on the Sth day of November 2013.
Executed this �th day of November 2013.
�r ,C r7-�.,�.��_,�,c._--�
Donna R. Norris, CMC, Citv Clerk