HomeMy WebLinkAboutRES 2015-44RESOLUTION NO. 2015- 44
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND BAR,
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AUTHORIZING THE
CITY MANAGER TO ENTER INTO AN ADMINISTRATIVE SERVICES
AGREEMENT WITH ICMA-RC FOR 457 DEFERRED COMPENSATION PLAN
SERVICES
A. RECITALS
WHEREAS, the City of Diamond Bar provides a voluntary 457 deferred
compensation plan for its employees; 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.
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DIAMOND
BAR DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That the City Council of`the City of Diamond Bar hereby
authorizes the City Manager, or his or her designee, to execute all documents
related to the Administrative Services Agreement with ICMA-RC set forth in
Attachment 2.
PASSED, APPROVED AND ADOPTED THIS 15th Day of December, 2015.
Nancy A. L o s, Mayor
2015-44
I, Tommye Cribbins, City Clerk of the City of Diamond Bar, do hereby
certify that the foregoing Resolution was passed, approved and adopted at a
regular meeting of the City Council of the City of Diamond Bar held on the 15th
day of December, 2015, by the following vote:
AYES: COUNCIL MEMBERS: Herrera, Low, Tye, MPT/Lin,
M/Lyons
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAINED: COUNCIL MEMBERS: None
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Tomm e Cribbins, City Clerk
2015-44