City Council

14. RESOLUTION APPROVING AN AMENDMENT TO SUPPLEMENTAL RETIREMENT\nSAVINGS PLAN AGREEMENTS TO PERMIT LOANS BY EMPLOYEES – F2M24-2,\nR2M24-25, M2M24-96\nThe City contracts with two benefit providers, VOYA Financial and Mission Square\nRetirement, in order to provide employees with the benefit and ability to voluntarily\ncontribute to a supplemental retirement savings plan. Providing participating employees\nwith the ability to take loans from their supplemental retirement savings plans is attractive\nbecause it provides a greater level of benefit. Loans are administered and managed by a\nplan benefit provider, i.e., VOYA Financial and Mission Square Retirement. A resolution\napproving an amendment to Supplemental Retirement Savings Plan Agreements is\nnecessary in order to permit employees to take loans from their supplemental retirement\nsavings plan.\nRecommended Action: City Council adopt Resolution No. R2M24-25 entitled: A\nResolution approving an amendment to Supplemental Retirement Savings Plan\nAgreements to permit loans by employees; and, direct staff to undertake the steps\nnecessary to implement the change and finalize the Council’s action. (M2M24-96)