HomeMy WebLinkAboutReso - CC - 108-2016RESOLUTION NO.
108-2016
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT WITH NFP
TO PROVIDE DEFERRED COMPENSATION PROGRAM CONSULTING AND
COMPLIANCE ASSISTANCE SERVICES
WHEREAS, the City contracted with MassMutual in April 2016 to provide a
deferred compensation plan to City employees and participants after contracting with
CaIPERS Voya since 1998 and with [CMA RC since 1999; and
WHEREAS, the City entered into a contract with SST Benefits Consulting (SST), now
NFP, to assist with the RFP process that resulted in the contract with Massmutual; and
WHEREAS, California Constitution Section 17 of Article XVI and California Code
Section 53609 require public sector plan sponsors to manage deferred compensation plans
in a prudent, due diligence manner on behalf of the employees and participants; and
WHEREAS, the City convened a Deferred Compensation Committee to ensure the Plan
is administered solely in the interest of, and for the exclusive purposed of providing benefits to
participants and their beneficiaries while defraying reasonable expense of administering the Plan;
and
WHEREAS, the City does not have the internal expertise required to monitor the plan in
accordance with the above referenced California Constitution and Code or to provide direction to
the Deferred Compensation Committee, staff recommends the City contact with NFP to perform
on-going due diligence services for the Plan and to provide direction and oversight to the
Deferred Compensation Committee; and
WHEREAS, the City needs to enter into a contract with NFP to provide compliance
assistance for the deferred compensation plan assets and committee oversight.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME DOES
HEREBY RESOLVE AND ORDER AS FOLLOWS:
The City Council hereby approves and authorizes the City Manager to execute an
agreement with NFP for deferred compensation compliance and oversight services on behalf of
the City.
Ann Keighran, M y r
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 21st day of
November 2016, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, KE I HRAN, ORTIZ
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
City Clerk