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File #: 21-0541    Version: 1 Name:
Type: Resolution Status: Passed
File created: 5/20/2021 In control: City Council
On agenda: 9/1/2021 Final action: 9/1/2021
Title: Nationwide Plan Documents - Deferred Compensation, Adoption Agreement, Post Employment Health Plan, and ProAccount Documents.
Attachments: 1. Staff Report, 2. Exhibit 1 - 457 Trust Agreement, 3. Exhibit 2 - Trust for the City of Corona Post Employment Health Plan, 4. Exhibit 3 - 457(b) Administrative Services Agreement, 5. Exhibit 4 - City of Corona 457(b) Adoption Agreement, 6. Exhibit 5 - City of Corona 457(b) Deferred Compensation Plan - Exhibit 1, 7. Exhibit 6 - Resolution No. 2021-090, Adopting Nationwide 457(b) Deferred Compensation Plan
REQUEST FOR CITY COUNCIL ACTION



DATE: 09/01/2021

TO: Honorable Mayor and City Council Members

FROM: Human Resources Department

SUBJECT:
Title
Nationwide Plan Documents - Deferred Compensation, Adoption Agreement, Post Employment Health Plan, and ProAccount Documents.

End
EXECUTIVE SUMMARY:
City Council consideration and approval of the 457(b) Deferred Compensation Plan, Adoption Agreement, Post Employment Health Plan, and ProAccount documents provided by Nationwide. Upon review of the City's current deferred compensation providers, the City determined that there would be a significant cost savings to employees to consolidate to one provider. It is recommended that the City approve Nationwide as the sole provider. To makes this transition, Nationwide has provided plan documents for review and approval.

RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Designate the City Manager, or his designee, as the Plan Administrator for deferred compensation policies.

b. Adopt Resolution No. 2021-090 to approve 457(B) Deferred Compensation Plan Document provided by Nationwide and repeal Resolution No. 2017-049.

c. Approve the Adoption Agreement provided by Nationwide.

d. Approve the Trust for the City of Corona Post Employment Health Plan provided by Nationwide.

e. Approve the ProAccount document for managed accounts provided by Nationwide.


Body

BACKGROUND & HISTORY:
In 2017, the City Council adopted a 457 Plan pursuant to Resolution No. 2017-049. In later review of the City's deferred compensation providers, the City Treasurer, Chad Willardson, suggested that the City look into various options to consolidate the two plans to reduce the costs of the retirement plans and increase the personal service available to City employees. It was apparent to him that having two plans and two providers with a cluttered investment menu was costing City employees unnecessary fees. At the City Treasurer's recommendation, the City conducted a Request...

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