City Council

5.5 Agreement: Approve Renegotiated Agreement with Nationwide Retirement Solutions, Inc. for\nAdministration of City’s 457(b) Deferred Comp and 401(a) Money Purchase Plans, Delegate\nRole of Plan Sponsor, and Authorize Establishing an Oversight Committee\nReport Number: 24-0053\nLocation: No specific geographic location\nDepartment: Finance\nG.C. § 84308: Yes\nEnvironmental Notice: The activity is not a “Project” as defined under Section 15378 of the\nCalifornia Environmental Quality Act State Guidelines. Therefore, pursuant to State Guidelines\nSection 15060(c)(3) no environmental review is required.\nRECOMMENDED ACTION:\nAdopt a resolution approving an agreement with Nationwide Retirement Solutions, Inc. to\nprovide administrative services of the City’s 457(b) Deferred Compensation Plan and 401(a)\nMoney Purchase Plan; delegating to the Director of Finance/Treasurer the role of Plan Sponsor\nof 457(b) and 401(a) plans to carry out the fiduciary responsibilities of the plans; and\nauthorizing the Director of Finance/Treasurer to establish a Deferred Compensation Plan\nOversight Committee.\nFebruary 20, 2024 Agenda Page 4 of 9\nCity of Chula Vista - City Council