HomeMy WebLinkAboutCouncil Agenda StatementCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: May 1, 2012
AGENDA ITEM NO. I
ITEM TITLE:
Resolution of the City Council of the City of National City authorizing the City Manager to enter into an
agreement with Nationwide Retirement Solutions for the establishment of a Deferred Compensation Plan for
City of National City employees represented by the National City Firefighters' Association
PREPARED BY: Stacey Stevenson
PHONE: 336-4308
EXPLANATION:
DEPARTMENT.
APPROV
istra+ve Services/HR
City of National City has an agreement with ICMA to provide a voluntary Deferred Compensation Plan to City
employees. Under the terms of the Plan, employees have the opportunity to make investments for the purpose of
creating retirement income on a pre-tax basis via payroll deductions. Under the terms of Article 32 of the current
Memorandum of Understanding between the City and the National City Firefighters' Association (FFA),
employees represented by FFA have the option of establishing a Deferred Compensation Plan through Nationwide
Retirement Solutions (Nationwide) in lieu of the ICMA Plan.
The purpose of this Council action is to effectuate an agreement between the City and Nationwide Retirement
Solutions in order implement the terms of Article 32. As agreed to, in order to ensure that both plans remain
compliant with IRS provisions FFA represented employees will have the option of selecting either the ICMA or
the Nationwide Plan but may not be simultaneously enrolled in both.
FINANCIAL STATEMENT: APPROVED:
ACCOUNT NO. APPROVED:
There is no financial impact to the City associated with this action.
ENVIRONMENTAL REVIEW:
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
Finance
MIS:
STAFF RECOMMENDATION:
Adopt the resolution
BOARD / COMMISSION RECOMMENDATION:
ATTACHMENTS:
Deferred Compensation Plan Administrative Agreement
City Council Resolution