HomeMy WebLinkAboutRES 2020-01RESOLUTION NO. 2020-01
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND
BAR, CALIFORNIA, AUTHORIZING THE CITY MANAGER TO ENTER
INTO AN ADMINSTRATIVE SERVICES AGREEMENT WITH ICMA-RC
FOR 457 DEFERRED COMPENSATION PLAN SERVICES
WHEREAS, the City Council of the City of Diamond Bar provides a voluntary 457
deferred compensation plan for its employees and City Council members; and
WHEREAS, the City of Diamond Bar has a fiduciary responsibility to the 457 plan
participants to ensure quality of investment funds and that plan costs are reasonable; and
WHEREAS, the City's Deferred Compensation Plan Committee negotiated new
terms of the plan which resulted in cost savings and investment option improvements.
NOW, THEREFORE BE IT RESOLVED, the City Council of the City of Diamond
Bar, does hereby authorize the City Manager to execute all documents related to the
Administrative Services Agreement with ICMA-RC set forth in Attachment #2 of the
agenda report.
PASSED, APPROVED AND ADOPTED this 7th day f January, 2020.
Steve Tye, M yor
ATTEST:
I, Kristina Santana, City Clerk of the City of Diamond Bar, do hereby certify that
the foregoing Resolution was duly and regularly passed, approved and adopted by the
City Council of the City of Diamond Bar, California, at its regular meeting held on the 7th
day of January, 2020, by the following vote:
AYES: COUNCIL MEMBERS
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS
ABSTAIN: COUNCIL MEMBERS
Chou, Low, M/Tye
None
MPT/Lyons
None
Kristina Santana, City Clerk