Loading...
12-13-2011 CC Rpt A08 COUNCIL AGENDA STAFF REPORT R g1. f l \ME ONLY �� Meeting Date: December 13. 2011 2011 NOV 14 AM 8: 08 *= Public Hearing: 0 OFFICE :)F CITY CLERK ,,. Discussion Item: ❑ / CHINO HILLS 000x,"s Consent Item: ©/ • DECEMBER 6, 2011 TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS FROM: CITY MANAGER SUBJECT: APPOINTMENT OF FOUR EMPLOYEES TO THE DEFERRED COMPENSATION PLAN COMMITTEE RECOMMENDATION: Appoint the following employees to the Deferred Compensation Plan Committee: Joann Lombardo, Community Development Director Sheree Dilley, Senior Human Resources Analyst Ben Montgomery, Neighborhood Services Manager Steve Setlak, Water Production Supervisor BACKGROUND/ANALYSIS: On May 9, 1995, the City Council adopted a Deferred Compensation Plan (Plan). The administration of the plan would be provided by a committee of six City employees. The committee is comprised of the City Manager(or his designee), the Finance Director, and four other full-time regular employees appointed by the City Council. Currently, only one member of the four is employed with the City. The City Manager requested names from each City Department for consideration for membership on the committee. The City Manager reviewed the names submitted and four employees were selected for recommendation to be appointed to the Deferred Compensation Plan Committee. These employees are: Joann Lombardo, Community Development Director; Sheree Dilley, Senior Human Resources Analyst; Ben Montgomery, Neighborhood Services Manager; and Steve Setlak, Water Production Supervisor. The duties of the committee per Sections 3.03 through 3.05 of the Plan are described as follows: 3.03 The committee shall have full power and authority to adopt rules and regulations for the administration of the plan, provided they are not inconsistent with the provisions of this plan, and Section 457 of the Code and any Treasury regulations promulgated thereunder; to interpret, alter, amend, or revoke any rules and regulations so adopted; to make discretion decisions under this plan 1 AGENDA DATE: DECEMBER 13, 2011 SUBJECT: APPOINTMENT OF FOUR EMPLOYEES TO THE DEFERRED COMPENSATION PLAN COMMITTEE PAGE TWO such as called for in Article VII; to demand satisfactory proof of the occurrence of any event that is a condition precedent to the commencement of any payment or discharge of any obligation under the plan; and to perform any and all administrative duties under this plan. 3.04 A committee member shall be eligible to participate in the plan, but such person shall not be entitled to participate in discretionary decisions under Article VII relating to such person's own participation in the plan. 3.05 The Employer or Committee action on behalf of the Employer shall screen and approve any insurance company or other entity seeking to sell an Investment product or otherwise operate as an approved institution under this plan. The committee may recommend to the Employer, any Institution (a) to issue to the Employer an investment product as described in Article V of the plan or (b) to provide services under the plan for the convenience of the Employer including, but not limited to, the enrollment of eligible Individuals as participants on behalf of the Employer, the maintenance of individual or other accounts and other records, the making of periodic reports and the disbursement of benefits to participants and beneficiaries. FISCAL IMPACT: There is no fiscal impact caused by this agenda item. Respectfully submitted, Recommended by: di/ _ I441-9 Michael S. Fleager/City Manager Jur,. Ltyncaster, Finance Director MSF:JRL:CA:dk // vv 1-2