HomeMy WebLinkAboutR-11603 designating the City Manager as Plan Administrator for deferred compensation plansR 11603
RESOLUTION NO. 11603 (2025 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, DESIGNATING THE CITY MANAGER AS PLAN
ADMINISTRATOR FOR DEFERRED COMPENSATION PLANS
WHEREAS, the City of San Luis Obispo (“CITY”) offers its employees participation
in deferred compensation retirement plans, also known as defined contribution plans
(“Plan(s)”), qualifying under relevant sections of the Internal Revenue Code and the
California Government Code;
WHEREAS, the Plans currently provide that (i) CITY (through the City’s governing
body) or (ii) a committee or another person designated by the City will be the administrator
and responsible for the administration, assets and investments of the Plans;
WHEREAS, currently, the City Council is the administrator and bears the fiduciary
responsibilities for the administration, assets, and investments of the Plans;
WHEREAS, recent developments in the governmental deferred compensation and
defined contribution marketplace have highlighted the importance of clearly identifying
oversight and accountability for the City’s retirement plans; and
WHEREAS, in order to protect the interests of plan participants, maintain fiduciary
standards, and ensure efficient administration, staff recommends that the City Council
formally designate a Plan Administrator for the City’s deferred compensation and defined
contribution plans;
WHEREAS, the City deems it to be in the best interests of the City and the Plans’
participants to designate the City Manager as administrator of the Plans .
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. For any Plans under contract with the CITY, the City Manager, and
any City staff they may designate to assist in that role, is designated as the administrator
of the Plans (“Plan Administrator”), with responsibility for the administration, assets and
investments of the Plans.
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Resolution No. 11603 (2025 Series) Page 2
R 11603
SECTION 2. The Plan Administrator is hereby authorized to execute all necessary
documents on behalf of the CITY, assign or delegate administrative duties as appropriate
and take whatever additional actions are necessary to maintain participation of the CITY
in the Plan and comply with relevant regulations.
Upon motion of Council Member Marx, seconded by Council Member Francis, and
on the following roll call vote:
AYES: Council Member Boswell, Francis, Marx, Vice Mayor Shoresman,
and Mayor Stewart
NOES: None
ABSENT: None
The foregoing resolution was adopted this 21st day of October 2025.
___________________________
Mayor Erica A. Stewart
ATTEST:
______________________
Teresa Purrington
City Clerk
APPROVED AS TO FORM:
______________________
J. Christine Dietrick
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
___________________________
Teresa Purrington
City Clerk
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10/28/2025 | 11:45 AM PDT