Report to Mayor and City Council
Tuesday, April 18, 2017
Consent
SUBJECT:
Title
CONSIDERATION OF RESOLUTION NO. 17-058 APPROVING THE CITY OF CARSON INTERNAL REVENUE CODE SECTIONS 457 (B) AND 401 (A) PLANS INVESTMENT POLICY STATEMENT AND THE RETIREMENT PLAN INVESTMENT ADVISORY AGREEMENT BETWEEN THE CITY OF CARSON AND SHUSTER FINANCIAL GROUP AND AUTHORIZING THE CITY MANAGER AND DIRECTOR OF HUMAN RESOURCES AND RISK MANAGEMENT TO ADMINISTER THE CITY'S 457(B) AND 401(A) PLANS (CITY COUNCIL)
Body
I. SUMMARY
Via Resolution No. 14-110 (Exhibit No. 1), the City Council approved a contract with ING/VOYA to provide employer sponsored deferred compensation plans to City employees under Section 457(b) and Section 401(a) of the Internal Revenue Code. Shuster Financial Group (SFG) is the Investment Advisor and Consulting firm assisting the City in performing its fiduciary responsibilities with respect to the 457(b) and 401(a) plans under California law.
Staff is requesting City Council approval of Resolution No. 17-058 (Exhibit No. 2) including the City of Carson Internal Revenue Code Sections 457 (b) and 401 (a) Plans Investment Policy Statement (Exhibit No. 3) and the Retirement Plan Investment Advisory Agreement between the City of Carson and Shuster Financial Group (Exhibit No. 4) and authorizing the City Manager and/or Director of Human Resources and Risk Management to administer the City's Internal Revenue Code Sections 457(b) and 401(a) plans.
II. RECOMMENDATION
Recommendation
WAIVE further reading and ADOPT Resolution No. 17-058, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON, CALIFORNIA, ADOPTING THE CITY OF CARSON INTERNAL REVENUE CODE SECTIONS 457(b) AND 401(a) PLANS INVESTMENT POLICY STATEMENT AND RETIREMENT PLAN INVESTMENT ADVISORY AGREEMENT BETWEEN THE CITY OF CARSON AND SHUSTER FINANCIAL GROUP AND AUTHORIZING THE CITY MANAGER AND DIRECTOR OF HUMAN RESOURCES AND RISK MANAGEMENT TO ADMINISTER THE CITY'S INTERNAL REVENUE CODE SECTIONS 457(b) AN...
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