Recommendation
A. Approve the transition of the City’s 457(b) Deferred Compensation Plan recordkeeping from MissionSquare Retirement to Empower Retirement; and
B. Adopt Resolution No. 26-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Appointing the Finance Director as the Plan Administrator for the Prudent Management of the City of Goleta’s 457(b) Deferred Compensation Plan Administration and Investment Portfolio; and
C. Adopt Resolution No. 26-__, entitled, “A Resolution of the City Council of the City of Goleta, California, Approving the Establishment of a 401(a) Defined Contribution Retirement Plan for City Employees, and Appointing the Finance Director as Plan Administrator, and Authorizing the Finance Director to Execute All Necessary Documents to Establish Such Plan”; and
D. Adopt Resolution No. 26-__ entitled, “A Resolution of the City Council of the City of Goleta, California, Indemnifying the City Council, Plan Administrator and their Designees, While Acting in their Official Capacities in the Administration of the 457(b) Deferred Compensation Plan and the 401(a) Defined Contribution Retirement Plan”; and
E. Authorize the Finance Director, as Plan Administrator, to Execute a Professional Services Agreement with SageView Advisory Group, LLC for ongoing fiduciary investment advisory services (3(21) co-fiduciary model), in substantially the form attached, in an amount not to exceed annually of 0.25% of Plan assets, subject to final approval as to form by the City Attorney.
Staff
Luke Rioux, Finance Director