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