CITY OF FAIRFIELD
RESOLUTION NO. 2024-278
APPROVING THE CHARTER OF THE CITY OF FAIRFIELD DEFINED CONTRIBUTION RETIREMENT
COMMITTEE AND DELEGATING AMENDMENT AUTHORITY OVER CITY-SPONSORED
RETIREMENT BENEFIT PLANS
WHEREAS, the City of Fairfield (the “City”) sponsors various defined-contribution retirement and retiree health savings plans (each a “Plan” and collectively, the “Plans”) for the benefit of eligible employees and retirees; and
WHEREAS, the City of Fairfield Defined Contribution Retir ement Committee (the “Committee”) serves as the fiduciary oversight body for the Plans; and
WHEREAS, City staff recommends that the City Council adopt the Charter of the City of Fairfield Defined Contribution Retirement Committee (the “Charter”), which se ts forth the duties of the Committee with respect to the Plans; and
WHEREAS, the Plans further provide that the council or its designee(s) has sole authority to amend the Plans; and
WHEREAS, City staff recommends that the council delegate authority to th e appropriate City officer to adopt certain amendments to the Plans; and
WHEREAS, the council carefully reviewed the recommendations of City staff and finds that such recommendations are desirable in the interest of maintaining an efficient municipal organization; and
WHEREAS, the council wishes to adopt the Charter and further wishes to delegate authority to the individual holding the position of city manager, now or in the future, to adopt certain amendments to the Plans.
NOW, THEREFORE, THE COUNCIL OF THE CITY OF FAIRFIELD HEREBY RESOLVES:
Section 1. The council adopts the Charter of the City of Fairfield Defined Contribution Retirement Committee.
Section 2. The city manager, or their designee, is authorized to adopt amendments to the Plans, including any future iteration of the Plans, but only if the amendment is administrative in nature and meets one or more of the following criteria:
The amendment does not increase the City or Plan’s costs.
RES. NO. 2024-278
The amendment is necessary or appropriate to comply with applicable laws. The amendment is necessary or appropriate to maintain each Plan’s tax- advantaged status.
The amendment makes technical changes conforming the Plan’s terms to its operation.
The amendment clarifies the meaning of the Plan.
PASSED AND ADOPTED this 3rd day of December 2024, by the following vote:
AYES: MEMBERS: MOY/BERTANI/CARR/PANDURO/TONNESEN/VACCARO/WILLIAMS NOES: MEMBERS: _________________________________________________ ABSENT: MEMBERS: _________________________________________________ ABSTAIN: MEMBERS: _________________________________________________
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MAYOR
ATTEST:
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CITY CLERK