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File #: 23-0736    Version: 1 Name: Freeze and Correct “Opt-In” Plans to Implement Replacement Plans and Fiduciary
Type: CC- Consent - Resolution Status: Agenda Ready
File created: 9/19/2023 In control: City Council
On agenda: 10/10/2023 Final action: 10/10/2023
Title: RESOLUTION - FREEZE AND CORRECTION OF MISSIONSQUARE “OPT-IN” PLANS, AUTHORIZATION TO DEVELOP AND IMPLEMENT REPLACEMENT PLANS, AND DESIGNATION OF FIDUCIARY RECOMMENDATION: It is recommended by the Finance Department that the Council, by resolution: 1) authorize the freeze and correction of the two MissionSquare “opt-in” plans that are described below (Plans); 2) authorize the City Manager, the Chief Financial Officer, and the Human Resource Director to negotiate, develop, and implement one or more retirement plans to replace the Plans, once frozen; and 3) designate the Chief Financial Officer, or its designee as the individual with day-to-day fiduciary responsibility for the proper and prudent investment and administration of all City retirement plans.
Sponsors: Finance
Indexes: Not a Project
Code sections: 15061(b)(3) - General Rule Exemption, 15378 - Not a Project
Attachments: 1. Staff Report, 2. Resolution