RESOLUTION NO. CC-2512-093
APPROVING THE 401(a) PUBLIC SAFETY CHIEF PLAN (PLAN NO. 100507) PAGE NO. 1
RESOLUTION NO. CC-2512-093
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDONDO BEACH, CALIFORNIA, APPROVING THE CITY OF
REDONDO BEACH 401(a) PUBLIC SAFETY CHIEF PLAN
(PLAN NO. 100507), APPROVING ALL PLAN DOCUMENTS
NECESSARY FOR ADOPTION OF THE PLAN, AND
AUTHORIZING THE CITY’S PLAN ADMINISTRATOR OR
DESIGNEE TO EXECUTE ALL DOCUMENTS AND TAKE ALL
ACTIONS NECESSARY TO ADMINISTER THE CITY’S 401(a)
AND 457(b) PLANS
WHEREAS, the City of Redondo Beach (“City”) provides retirement benefit plans for eligible employees, including a 457(b) deferred compensation plan and certain 401(a) plans, as part of the City’s overall employee benefits program;
WHEREAS, the City has determined that establishing a separate 401(a) plan for public safety chiefs who have provided more than thirty (30) years of service to the City will provide leadership continuity in the Police and Fire Departments, promote operational stability, and support the retention of highly experienced command personnel; WHEREAS, ICMA Retirement Corporation doing business as MissionSquare Retirement, has prepared the documents necessary to establish the City of Redondo Beach 401(a) Public Safety Chief Plan (Plan No. 100507), effective December 1, 2025; WHEREAS, such documents include the SECURE Act 2.0 and 1.0 Election Form, the Affirmative Statement for Adopting a Section 401 Money Purchase Plan (“Affirmative Statement”), MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement and Addendum (“Adoption Agreement and Addendum”), and the MissionSquare Retirement Governmental Money Purchase Plan Trust Agreement; WHEREAS, the Affirmative Statement serves as the City’s formal act of adoption, and the Adoption Agreement and Addendum, by their terms, are required attachments to the Affirmative Statement;
WHEREAS, the City Council now desires to approve the City of Redondo Beach 401(a) Public Safety Chief Plan (Plan No. 100507) and to approve its associated documents as exhibits to this Resolution; and
WHEREAS, the City Council further desires to authorize the City’s Plan Administrator or designee, to execute the documents necessary to adopt, implement, and administer the City’s 401(a) and 457(b) plans, and only those plans.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby approves and adopts the City of Redondo Beach 401(a) Public Safety Chief Plan (Plan No. 100507), with an effective date of December 1, 2025, and RESOLUTION NO. CC-2512-093
APPROVING THE 401(a) PUBLIC SAFETY CHIEF PLAN (PLAN NO. 100507) PAGE NO. 2
approves the following documents as the governing documents for the Plan, which are attached hereto and incorporated herein by reference:
1. Exhibit A: MissionSquare Retirement SECURE Act 2.0 and 1.0 Election Form
2. Exhibit B: Affirmative Statement for Adopting a Section 401 Money Purchase Plan, which attaches and incorporates:
a. The MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement; and
b. Addendum (Plan No. 100507)
3. Exhibit C: MissionSquare Retirement Governmental Money Purchase Plan Trust Agreement.
SECTION 2. The City’s Plan Administrator or designee, is hereby authorized and directed to execute all documents necessary to adopt, implement, and administer the City’s 401(a) and 457(b) plans, including the documents approved in Section 1, and to take all actions necessary to carry out of the purposes of those plans.
SECTION 3. The City Clerk shall certify to the passage and adoption of this resolution and shall enter the same in the Book of Original Resolutions.
PASSED, APPROVED AND ADOPTED this 2nd day of December, 2025. ________________________________
James A. Light, Mayor
APPROVED AS TO FORM: ATTEST:
________________________________ ________________________________ Joy A. Ford, City Attorney Eleanor Manzano, CMC, City Clerk RESOLUTION NO. CC-2512-093
APPROVING THE 401(a) PUBLIC SAFETY CHIEF PLAN (PLAN NO. 100507) 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-2512-093 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 2nd day of December, 2025, 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-2512-093
APPROVING THE 401(a) PUBLIC SAFETY CHIEF PLAN (PLAN NO. 100507) PAGE NO. 4
EXHIBIT A
MISSIONSQUARE RETIREMENT SECURE ACT 2.0 AND 1.0 ELECTION FORM See the attached Secure Act 2.0 and 1.0 Election Form.
RESOLUTION NO. CC-2512-093
APPROVING THE 401(a) PUBLIC SAFETY CHIEF PLAN (PLAN NO. 100507) PAGE NO. 5
EXHIBIT B
AFFIRMATIVE STATEMENT FOR ADOPTING A SECTION 401 MONEY PURCHASE PLAN See the attached Affirmative Statement for Adopting a Section 401 Money Purchase Plan, which attaches and incorporates the Money Purchase Plan and Addendum (Plan No. 100507).
*See Addendum
Addendum to the MissionSquare Retirement Governmental Money Purchase Plan Adoption Agreement
City of Redondo Beach 401(a) Plan, 100507
Section XIV (1). Accrued Leave Contributions
-The City of Redondo Beach will deposit unused sick leave based on the following schedule:
• 25% of accrued sick leave at the completion of Year 31 of employment. • An additional 25% of accrued sick leave (total 50%) at the completion of Year 32 of employment.
• An additional 25% of accrued sick leave (total 75%) at the completion of Year 33 of employment.
• Notwithstanding the foregoing, the plan will limit any accrued sick leave contribution to the maximum allowable limit as permitted under Internal Revenue Code Section 401(a), as amended.
Name: ________________________________
Date: _________________________________
Signature: _____________________________
RESOLUTION NO. CC-2512-093
APPROVING THE 401(a) PUBLIC SAFETY CHIEF PLAN (PLAN NO. 100507) PAGE NO. 6
EXHIBIT C
MISSIONSQUARE RETIREMENT GOVERNMENTAL MONEY PURCHASE PLAN TRUST
AGREEMENT
See the attached Governmental Money Purchase Plan Trust Agreement.
MissionSquare Retirement
Governmental Money Purchase Plan
Trust Agreement
The Employer hereby adopts and designates this Trust (“the Trust” ) to receive and hold the assets of the MissionSquare Retirement Governmental Money Purchase Plan (“the Plan”). The Trust is adopted and designated in accordance with Section 2.22 of the Plan. The Trust shall hold all of the assets of the Plan derived from Employer and Employee contributions under the Plan, plus any income and gains thereon, less any losses, expenses and distributions to Participants and Beneficiaries. All capitalized terms in this instrument shall be interpreted consistent with Article II of the Plan.
I. Trust. A trust is hereby created to hold all of the assets of the Plan for the exclusive benefit of Participants and Beneficiaries, except that taxes and expenses may be paid from the Trust as provided in Section III below. The trustee shall be the Employer or such other person which agrees to act in that capacity hereunder.
II. Investment Powers. The trustee or the Plan Administrator, acting as agent for the trustee, shall have the powers listed in this Section II with respect to investment of the Trust assets, except to the extent that the investment of the Trust assets is controlled by Participants, pursuant to Sections 6.01 and 13.03 of the Plan.
(a) To invest and reinvest the Trust without distinction between principal and income in common or preferred stocks, shares of regulated investment companies and other mutual funds, bonds, notes, debentures, mortgages, certificates of deposit, contracts with insurance companies including but not limited to insurance, individual or group annuity, deposit administration, guaranteed interest contracts, and deposits at reasonable rates of interest at banking institutions including but not limited to savings accounts and certificates of deposit. Assets of the Trust may be invested in securities that involve a higher degree of risk than investments that have demonstrated their investment performance over an extended period of time. (b) To invest and reinvest all or any part of the assets of the Trust in any common, collective or commingled trust fund that is maintained by a bank or other institution and that is available to employee plans qualified under section 401 of the Code, or any successor provisions thereto, and during the period of time that an investment through any such medium shall exist, to the extent of participation of the Plan, the declaration of trust of such common, collective, or commingled trust fund shall constitute a part of the Plan. (c) To invest and reinvest all or any part of the assets of the Trust in any group annuity, deposit administration or guaranteed interest contract issued by an insurance company or other financial institution on a commingled or collective basis with the assets of any other plan or trust qualified under section 401(a) of the Code or any other plan described in section 401(a)(24) of the Code, and such contract may be held or issued in the name of the Plan Administrator, or such custodian as the Plan Administrator may appoint, as agent and nominee for the Employer.
During the period that an investment through any such contract shall exist, to the extent of participation of the Plan, the terms and conditions of such contract shall constitute a part of the Plan.
(d) To hold cash awaiting investment and to keep such portion of the Trust in cash or cash balances, without liability for interest, in such amounts as may from time to time be deemed to be reasonable and necessary to meet obligations under the Plan or otherwise to be in the best interests of the Plan.
(e) To hold, to authorize the holding of, and to register any investment to the Trust in the name of the Plan, the Employer, or any nominee or agent of any of the foregoing, including the Plan Administrator, or in bearer form, to deposit or arrange for the deposit of securities in a qualified central depository even though, when so deposited, such securities may be merged and held in bulk in the name of the nominee of such depository with other securities deposited therein by any other person, and to organize corporations or trusts under the laws of any jurisdiction for the purpose of acquiring or holding title to any property for the Trust, all with or without the addition of words or other action to indicate that property is held in a fiduciary or representative capacity but the books and records of the Plan shall at all times show that all such investments are part of the Trust.
(f) Upon such terms as may be deemed advisable by the Employer or the Plan Administrator, as the case maybe, for the protection of the interests of the Plan or for the preservation of the value of an investment, to exercise and enforce by suit for legal or equitable remedies or by other action, or to waive any right or claim on behalf of the Plan or any default in any obligation owing to the Plan, to renew, extend the time for payment of, agree to a reduction in the rate of interest on, or agree to any other modification or change in the terms of any obligation owing to the Plan, to settle, compromise, adjust, or submit to arbitration any claim or right in favor of or against the Plan, to exercise and enforce any and all rights of foreclosure, bid for property in foreclosure, and take a deed in lieu of foreclosure with or without paying consideration therefor, to commence or defend suits or other legal proceedings whenever any interest of the Plan requires it, and to represent the Plan in all suits or legal proceedings in any court of law or equity or before any body or tribunal.
(g) To employ suitable consultants, depositories, agents, and legal counsel on behalf of the Plan. (h) To open and maintain any bank account or accounts in the name of the Plan, the Employer, or any nominee or agent of the foregoing, including the Plan Administrator, in any bank or banks. (i) To do any and all other acts that may be deemed necessary to carry out any of the powers set forth herein.
III. Taxes and Expenses. All taxes of any and all kinds whatsoever that may be levied or assessed under existing or future laws upon, or in respect to the Trust, or the income thereof, and all commissions or acquisitions or dispositions of securities and similar expenses of investment and reinvestment of the Trust, shall be paid from the Trust. Such reasonable compensation of the Plan Administrator, as may be agreed upon from time to time by the Employer and the Plan Administrator, and reimbursement for reasonable expenses incurred by the Plan Administrator in performance of its duties hereunder (including but not limited to fees for legal, accounting, investment and custodial services) shall also be paid from the Trust. However, no person who is a fiduciary within the meaning of section 3(21)(A) of ERISA and regulations promulgated thereunder, and who receives full-time pay from the Employer may receive compensation from the Trust, except for expenses properly and actually incurred.
IV. Payment of Benefits. The payment of benefits from the Trust in accordance with the terms of the Plan may be made by the Plan Administrator, or by any custodian or other person so authorized by the Employer to make such disbursement. Benefits under the Plan shall be paid only if the Plan Administrator, custodian or other person, or the Employer if directing such person, decides in his/her discretion that the applicant is entitled to them. The Plan Administrator, custodian or other person shall not be liable with respect to any distribution of Trust assets made at the direction of the Employer.
V. Valuation of Accounts. As of each Accounting Date, the Plan assets held in each investment fund offered shall be valued at fair market value and the investment income and gains or losses for each fund shall be determined. Such investment income and gains or losses shall be allocated proportionately among all Account balances on a fund-by-fund basis. The allocation shall be in the proportion that each such Account balance as of the immediately preceding Accounting Date bears to the total of all such Account balances, as of that Accounting Date. For purposes of this Trust, all Account balances include the Account balances of all Participants and Beneficiaries.
VI. Participant Loan Accounts. Participant Loan Accounts shall be invested in accordance with Section 13.03 of the Plan. Such Accounts shall not share in any investment income and gains or losses of the investment funds described in Section 6.01.
SIGNATURE & DATE
Employer & Trustee: (“the Employer”)
Signature of Authorized Plan Representative:
Print Name:
Title:
Attest:
Date: _ _ / _ _ / _ _ _ _
(M) (D) (Y)
52582-0621-W2777
City of Redondo Beach
N/A
Diane Strickfaden
Director of Human Resources