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HomeMy WebLinkAboutReso - CC - 093-2019RESOLUTION NO. 93-2019 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 approved and adopted the City of Burlingame Deferred Compensation Plan ("Plan") to provide employees of the City with retirement benefits; and WHEREAS, the City would like to add an automatic enrollment feature for all new hires at the level of the City's matching contribution, thus increasing enrollment in the Plan and helping new employees to save for retirement; and WHEREAS, new hires will have the option of increasing, decreasing, or discontinuing the automatic contribution amount; and WHEREAS, the City would like to amend the loan program to require loan repayment via Automatic Clearing House (ACH) transactions, to reduce the administrative burden on the City and improve loan financing services for employees; and WHEREAS, the City Council declares the intention of the City to continue the Plan, but reserves the right to terminate or amend the Plan at any time; and WHEREAS, a resolution is required to amend the Plan. NOW, THEREFORE, BE IT RESOLVED, The City Council amends the City of Burlingame Deferred Compensation Plan to add automatic enrollment in the Plan for new hires and require post -employment loan repayments be made via ACH. a,wj&�o Donna Colson, Mayor I, MEAGHAN HASSEL-SHEARER, City Clerk of the City of Burlingame, certify that the foregoing resolution was introduced at a regular meeting of the City Council held on the 19th day of August 2019, and was adopted thereafter by the following vote: AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, C LSON, KEIGHRAN, ORTIZ NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE , City