8E Consent 2010 0607 - Laserfiche WebLink

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CITY OF SAN LEANDRO STAFF REPORT DATE: June 7, 2010 TO: Stephen L. Hollister, City Manager FROM: Justinian Caire, Human Reso Approved and forwarded to the City Council ~J Stephen L. Hollister City Manager SUBJECT: RESOLUTION REPEALING AND RE-ENACTING TITLE 10, CHAPTER 1 OF THE SAN LEANDRO ADMINISTRATIVE CODE RELATED TO THE AMENDED AND RESTATED CITY OF SAN LEANDRO 457(6) DEFERRED COMPENSATION PLAN. SUMMARY AND RECOMMENDATION It is recommended that the City Council approve a resolution repealing and reenacting Title 10, Chapter 1 of the San Leandro Administrative Code, the amended and restated City of San Leandro 457(b) Deferred Compensation Plan. BACKGROUND On April 19, 1983, the Council adopted a Deferred Compensation Plan (the Plan) for the City of San Leandro. Its stated purpose was to attract and hold current key personnel by permitting them to enter into agreements with the City of San Leandro which provide future payments, in lieu of deferred current income, upon death, disability, retirement, unforeseen emergency or other termination of employment with the City of San Leandro. On March 1, 2004, the City, pursuant to a request for proposal process, selected The Hartford to serve as the Third Party Administrator for the Plan. An Advisory Committee comprised of City ,management personnel and representatives from each of the City's employee groups was established. This Committee meets quarterly, with the City's Consultant, Arnerich/Massena, and The Hartford, to manage and direct the Plan investments. DISCUSSION For the past year, the Committee has worked with Chang, Rothenberg & Long, a legal firm specializing in this area, to amend and restate the Plan in light of changes in the law governing such plans and revise language to provide more specificity in Plan governance. This has involved a comprehensive review and a major rewrite and restatement of the current plan by the Committee with the assistance of the cited legal and consulting firms. The adoption of the amended and restated plan is recommended by the Advisory Committee and is being offered for the Council's approval. The new Plan will replace the Current San Leandro Administrative Code, Title 10 Human Resources, Chapter 1 Deferred Compensation Plan.