City Council

9.a. CONSIDERATION AND APPROVAL OF RESOLUTION NO. 24-136,\nCREATING A 457B AND 401A OVERSIGHT COMMITTEE\n(COMMITTEE); AUTHORIZING CITY COUNCIL TO DELEGATE\nFIDUCIARY OVERSIGHT OF THE 457B AND 401A PLANS TO THE\nCOMMITTEE, AUTHORIZING THE COMMITTEE TO CONSOLIDATE\nTHE 457B AND 401A PLANS UNDER ONE RECORDKEEPER;\nAUTHORIZING THE CITY MANAGER TO APPOINT THE COMMITTEE\nMEMBERS; AND AUTHORIZING THE CITY MANAGER TO\nNEGOTIATE AND EXECUTE AN AGREEMENT WITH FIDUCIARY\nEXPERTS, LLC, AN ERISA 3(38) CONSULTANT\nStaff is recommending City Council create a retirement benefit oversight\ncommittee in order to better carry out the City's fiduciary duty to manage\nthe cost of the retirement plan and to lower the fees being charged to its\nmembers.\nRECOMMENDED ACTION: Staff recommends City Council adopt\nResolution 24-136, Creating a 457B and 401A Oversight Committee;\nDelegating fiduciary oversight of the 457B and 401A from the City Council\nto the Committee; authorizing the Committee to consolidate the 457B and\n401A plans under one record keeper; authorizing the City Manager to\nappoint the committee members; and authorizing the City Manager to\nnegotiate and execute an agreement with Fiduciary Experts, LLC, an\nERISA 3(38) Consultant.