RESOLUTION NO. CC-2301-112
RESOLUTION AMENDING AND RESTATING 401 PLAN
PAGE NO. 1
RESOLUTION NO. CC-2301-112
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDONDO BEACH, CALIFORNIA, AMENDING AND
RESTATING THE 401(A) MONEY PURCHASE PLAN, PLAN NO.
10-9324 TO ALLOW IN-SERVICE DISTRIBUTIONS FOR
PARTICIPANTS AFTER ATTAINING THE NORMAL
RETIREMENT AGE OF 60
WHEREAS, the City of Redondo Beach (‘City”) has employees rendering valuable services; and
WHEREAS, the City has established a 401(a) Money Purchase Plan, Plan No. 10-9324 (the "Plan") to serve the interest of the City by enabling it to provide reasonable retirement security for its employees, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and WHEREAS, the City desires to allow in-service distributions under the Plan for participants after they attain the normal retirement age of 60.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That the Plan is hereby amended and restated in the form of the 401(a) Money Purchase Plan, Plan No. 10-9324 to allow in-service withdrawals under the Plan after a Participant attains the normal retirement age of 60, as described in the MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement, attached as Exhibit “A”.
SECTION 2. That the assets of the Plan shall be held in Trust, with the City of Redondo Beach serving as Trustee ("Trustee"), for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose. The Trustee's beneficial ownership of Plan assets held in Vantage Trust shall be held for the further exclusive benefit of the Plan participants and their beneficiaries.
SECTION 3. That the City of Redondo Beach agrees to serve as Trustee under the Plan.
SECTION 4. That the City Clerk shall certify to the passage and adoption of this resolution and shall enter the same in the Book of Original Resolutions.
RESOLUTION NO. CC-2301-112
RESOLUTION AMENDING AND RESTATING 401 PLAN
PAGE NO. 2
PASSED, APPROVED AND ADOPTED this 17th day of January, 2023. ________________________________
William C Brand, Mayor
APPROVED AS TO FORM: ATTEST:
________________________________ ________________________________ Michael W. Webb, City Attorney Eleanor Manzano, CMC, City Clerk RESOLUTION NO. CC-2301-112
RESOLUTION AMENDING AND RESTATING 401 PLAN
PAGE NO. 3
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF REDONDO BEACH )
I, Eleanor Manzano, City Clerk of the City of Redondo Beach, California, do hereby certify that Resolution No. CC-2301-112 was passed and adopted by the City Council of the City of Redondo Beach, California, at a regular meeting of said City Council held on the 17th day of January 2023, and thereafter signed and approved by the Mayor and attested by the City Clerk, and that said resolution was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
_______________________
Eleanor Manzano, CMC
City Clerk
RESOLUTION NO. CC-2301-112
RESOLUTION AMENDING AND RESTATING 401 PLAN
PAGE NO. 4
EXHIBIT “A”
MISSIONSQUARE RETIREMENT
GOVERNMENTAL MONEY PURCHASE PLAN ADOPTION AGREEMENT
The agreement is attached.