RESOLUTION R2024-XX
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NAPA, STATE OF CALIFORNIA, ADOPTING A QUALIFIED RETIREMENT PLAN (governmental money purchase plan), and authorizing the finance director to execute plan documEnts.
WHEREAS, after review and evaluation by the Defined Contributions Plans Advisory Committee, the City of Napa (“Employer”) has decided to adopt the City of Napa Money Purchase Plan (“Plan”), a qualified retirement plan, for the benefit of its eligible employees; and WHEREAS, the employer wishes to appoint Nationwide Trust Company, FSB as Trustee(s) of the plan; and WHEREAS, the City Council has considered all information related to this matter, as presented at the public meetings of the City Council identified herein, including any supporting reports by City Staff, and any information provided during public meetings.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Napa, as follows:
The Employer hereby adopts the Plan, to be effective on 12-4-2024.
The City Council authorize the execution of the Plan document and authorize the performance of any other actions necessary to implement the adoption of the Plan.
The City Council authorizes the Finance Director to execute the Plan document and perform necessary actions to adopt the Plan. The Employer will maintain a copy of the Plan, as approved by the City Council, in its files.
The Employer will act as administrator of the Plan and will be responsible for performing all actions necessary to carry out the administration of the Plan. The Employer may designate any other person or persons to perform the actions necessary to administer the Plan.
The Plan participants shall be provided with a summary of the Plan provisions within a reasonable period of time following the adoption of the Plan.
The City Council hereby finds that the facts set forth in the recitals to this Resolution are true and correct, and establish the factual basis for the City Council’s adoption of this Resolution.
This Resolution shall take effect immediately upon its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Napa at a public meeting of said City Council held on the 19th day of November, 2024, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST: ________________________
Tiffany Carranza
City Clerk
Approved as to form:
_________________________
Christopher Diaz
Interim City Attorney
R20XX-XX Page 1 of 3 November 19, 2024
R20XX-XX Page 1 of 1 Type approved date of resolution here ATTACHMENT 1
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