Resolution No.
STOCKTON CITY COUNCIL
RESOLUTION APPOINTING THE CITY MANAGER AS THE PLAN ADMINISTRATOR OF THE CITY’S DEFINED CONTRIBUTION PLANS The City of Stockton sponsors and maintains the following defined contribution plans (collectively, "Plans") for the benefit of its eligible employees:
457(b) Plan
401(a) Plan
457(b) Part-Time/Seasonal/Temporary Employee Plan; and
The Plans currently provide that (i) City (through the City’s governing body) or (ii) a committee or another person designated by the City will be the administrator and responsible for the administration, assets, and investments of the Plans; and Currently, the City Council is the administrator and bears the fiduciary liability and responsibilities for the administration, assets, and investments of the Plans; and Outside special employee benefits counsel ("Counsel") has evaluated the fiduciary and administrative structures of the Plans and strongly advises that the City Council appoint a new administrator so that the City Council will not be legally responsible and liable for the administration and investment of the Plans; and Based on the advice of Counsel and following consultation with City staff, staff recommends the appointment of the City Manager as the administrator of the Plans; and The City Council deems it to be in the best interests of the City and the Plans’ participants to appoint the City Manager as administrator of the Plans; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:
The City Council of Stockton hereby appoints the City Manager, and any City staff he/she may designate to assist him/her in that role, as the administrator of the Plans, with responsibility for the administration, assets, and investments of the Plans; //
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The City Council authorizes and directs the City Manager to take all such actions deemed necessary or appropriate to implement this Resolution.
PASSED, APPROVED, and ADOPTED September 13, 2022 .
KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
ELIZA R. GARZA, CMC
City Clerk of the City of Stockton