HomeMy WebLinkAboutCity Council Resolution 18-067 -457 PLANRESOLUTION NO. 18-067
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
APPROVING THE ADOPTION OF CALPERS SUPPLEMENTAL INCOME 457 PLAN
WHEREAS, the City of Saratoga desires to establish an additional deferred compensation
plan for the benefit of its employees; and
WHEREAS, the Board of Administration (the "Board") of the California Public
Employees' Retirement System ("CalPERS") has established the Ca1PERS Supplemental Income
457 Plan (the "Ca1PERS 457 Plan") which may be adopted by a governmental employer the
employees of which are public employees; and
WHEREAS, the City of Saratoga believes that the Ca1PERS 457 Plan and the investment
options available thereunder will provide valuable benefits to its employees; and
WHEREAS, the Board has appointed a plan recordkeeper (currently Voya Financial) to
perform recordkeeping and administrative services under the CalPERS 457 Plan and to act as the
Board's agent in all matters relating to the administration of the CalPERS 457 Plan.
NOW, THEREFORE BE IT RESOLVED, that the City of Saratoga adopt the Ca1PERS 457
Plan for the benefit of its employees and authorizes and directs the City Manager to execute the
agreement on behalf of the City of Saratoga and to provide CalPERS or any successor agent duly
appointed by the Board with such information and cooperation as may be needed on an ongoing
basis in the administration of the CalPERS 457 Plan.
The above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga
City Council held on the 5th day of December 2018 by the following vote:
AYES: Mayor Mary -Lynne Bernald, Vice Mayor E. Manny Cappello, Council
Members Howard A. Miller, Emily Lo, Rishi Kumar
NOES:
ABSENT:
ABSTAIN:
Mary y 1 : ernald, Mayor
DATE: / ?% (? (
Debbie Bretschneider, City Clerk
Jon 1.0L