HomeMy WebLinkAboutReso - CC - 122-2017RESOLUTION NO. 122-2017
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
AMENDING THE CITY OF BURLINGAME DEFERRED COMPENSATION PLAN
WHEREAS, on April 18, 2016, the City Council authorized the City to enter into a contract
with MassMutual to execute an Administrative Services Agreement for the City's deferred
compensation 457(b) plan program administrative services; and
WHEREAS, on June 20, 2016 the agreement was amended to set the effective date of
the City of Burlingame Deferred Compensation Plan ("Plan") to August 1, 2016; and
WHEREAS, on August 21, 2017, the agreement was amended to expand the definition
of "Employee" to include people employed by the City on a merit, part-time, benefitted basis; and
WHEREAS, the City would like to add flexibility to the Plan and allow employees to elect
post -tax contributions to a Roth account; and
WHEREAS, the City would like to add flexibility to the Plan and allow employees who
separate from City employment to continue to make repayments on outstanding loans via ACH;
and
WHEREAS, a resolution is required to amend the Plan.
NOW, THEREFORE, BE IT RESOLVED,
The City Council hereby approves and authorizes the City Manager to execute an
amendment to the City of Burlingame Deferred Compensation Plan to allow employees to elect
post -tax contributions to a Roth account and allow post -employment loan repayments via ACH.
I, MEAGHAN HASSEL-SHEARER, City Clerk of the City of Burlingame, do hereby certify that the
foregoing resolution was introduced at a regular meeting of the City Council held on the 6th day of
November 2017, and was adopted thereafter by the following vote:
AYES: COUNCIL MEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
Meaghan Hassel -Shearer, City Clerk