HomeMy WebLinkAboutReso - CC - 028-2016RESOLUTION NO.
28-2016
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
AUTHORIZING THE CITY MANAGER TO EXECUTE AN ADMINISTRATIVE
SERVICES AGREEMENT AND AN INVESTMENT AGREEMENT WITH
MASSMUTUAL LIFE INSURANCE TO PROVIDE DEFERRED COMPENSATION
PROGRAM SERVICES TO CITY EMPLOYEES; AND AUTHORIZING THE CITY
MANAGER TO EXECUTE AN AGREEMENT WITH RELIANCE TRUST COMPANY
TO PROVIDE TRUSTEE CUSTODIAL SERVICES FOR THE DEFERRED
COMPENSATION PLAN ASSETS ON BEHALF OF THE CITY
WHEREAS, the City is required to manage deferred compensation programs in a
prudent and diligent manner per California Code Section 53609; and
WHEREAS, the City has had contracts with CalPERS Voya since 1998 and with
ICMA RC since 1999; and
WHEREAS, the City issued a request for proposals to Deferred Compensation
providers, and six responded; and
WHEREAS, based on a thorough analysis of the proposals, a staff committee convened
for reviewing such proposals unanimously selected MassMutual to provide a deferred
compensation plan to City employees and participants; and
WHEREAS, MassMutual will provide increased services and programs at lower fees to
participating employees and retirees; and
WHEREAS, the City needs to enter into a contract with MassMutual to execute an
administrative services agreement and an investment agreement for the City's 457(b) plans, and
an agreement with Reliance Trust to provide trustee custodial services.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME DOES
HEREBY RESOLVE AND ORDER AS FOLLOWS:
The City Council
administrative services
Insurance, as well as
compensation services o
nhereby approves and authorizes
agreement and an investment
a trustee services agreement
behalf of the City.
the City Manager to execute an
agreement with MassMutual Life
with Reliance Trust for deferred
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 the18th day
of April 2016, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, IGHR , ORTIZ
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: f lSc auQ�n ^ n
,-n A/1
Meaghan assel-Shearer, City Clerk