RESOLUTION NO. 2024-40
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND
BAR, APPROVING AND AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ADMINSTRATIVE SERVICES AGREEMENT WITH
MISSIONSQUARE RETIREMENT FOR 457 DEFERRED
COMPENSATION PLAN SERVICES
WHEREAS, the City Council of the City of Diamond Bar provides a voluntary 457 deferred compensation plan for its employees and City Council members; and WHEREAS, the City of Diamond Bar has a fiduciary responsibility to the 457 plan participants to ensure quality of investment funds and that plan costs are reasonable; and WHEREAS, the City’s Deferred Compensation Plan Committee negotiated new terms of the plan which resulted in cost savings and investment option improvements.
NOW, THEREFORE BE IT RESOLVED, the City Council of the City of Diamond Bar, does hereby resolve as follows:
Section 1. The City Council hereby approves and authorizes the City Manager to execute all documents related to the Administrative Services Agreement with MissionSquare Retirement attached hereto, and to make minor modifications as necessary.
PASSED, APPROVED AND ADOPTED this 19th day of November, 2024.
CITY OF DIAMOND BAR
__________________________
Stan Liu, Mayor
Resolution No. 2024-40
2 ATTEST:
I, Kristina Santana, City Clerk of the City of Diamond Bar, do hereby certify that the foregoing Resolution was duly and regularly passed, approved and adopted by the City Council of the City of Diamond Bar, California, at its regular meeting held on 19th day of November, 2024, by the following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ABSTAINED: COUNCIL MEMBERS:
________________________
Kristina Santana, City Clerk
Attachment: MissionSquare Retirement Administrative Services Agreement