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HomeMy WebLinkAboutRES 4364 CITY OF RENTON, WASHINGTON RESOLUTION NO. 4364 A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, ADOPTING AN AMENDED SECTION 18, ROLLOVER CONTRIBUTIONS, OF THE ADOPTION AGREEMENT CONTAINED WITHIN THE CITY'S 457(b) DEFERRED COMPENSATION PLAN, AND AUTHORIZING THE 457(b) DEFERRED COMPENSATION PLAN COMMITTEE TO AMEND OR UPDATE THE CITY'S 457(b) DEFERRED COMPENSATION PLAN, PROVIDED THAT SUCH AMENDMENTS OR UPDATES DO NOT IMPACT THE CITY'S BUDGET. WHEREAS, Resolution No. 4221 granted the HRRM Administrator the authority to establish and maintain on behalf of the City an Investment Committee for the City's 457(b) Deferred Compensation Plan (hereafter "457 Deferred Compensation Plan Committee"); and WHEREAS, effective in 2016, the Renton Regional Fire Authority ("RRFA") elected to participate in the City of Renton 457(b) Deferred Compensation Plan,and via Resolution No. 4337 the City Council adopted an amended and restated 457(b) Deferred Compensation Plan as the City's and the RRFA's joint multi-employer plan (Exhibit A to Resolution No. 4337); and WHEREAS, Resolution No. 4337 also confirmed the 457 Deferred Compensation Plan Committee's updated Operating Guidelines which named the voting members of the 457 Deferred Compensation Plan Committee to include representatives of both the City and the RRFA; and WHEREAS, at its December 18, 2018 meeting, the 457 Deferred Compensation Plan Committee reviewed and approved an amendment to Section 18, Rollover Contributions, of the Adoption Agreement contained within the 457(b) Deferred Compensation Plan. The amendment consists of selecting Section 18's option "A"which permits the following(to the extent permitted 1 RESOLUTION NO. 4364 by law): "Rollovers to the Plan, including rollovers of Roth Elective Deferrals." Previously,Section 18's option "B" (excluding rollovers of Roth Elective Deferrals) had been selected; and WHEREAS, the City Council desires to ratify the 457 Deferred Compensation Plan Committee's amendment and, further, delegate authority to the 457 Deferred Compensation Plan Committee to make such subsequent amendments or updates to the 457(b) Deferred Compensation Plan as may be necessary or desired, provided that such amendments or updates do not impact the City's budget; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO RESOLVE AS FOLLOWS: SECTION I. The City Council hereby adopts an amended Section 18, Rollover Contributions, on page 7 of the Adoption Agreement contained within the City's 457(b) Deferred Compensation Plan, attached hereto as Exhibit A. All other portions of the 457(b) Deferred Compensation Plan adopted via Resolution No. 4337 remain in effect and unchanged; however, the City Council hereby authorizes the 457 Deferred Compensation Plan Committee to make such subsequent amendments or updates to the 457(b) Deferred Compensation Plan as may be necessary or desired, provided that such amendments or updates do not impact the City's budget. PASSED BY THE CITY COUNCIL this 28th day of January, 2019. / / - /NF r Jaso A. Seth sty Clerk 2 RESOLUTION NO. 4364 APPROVED BY THE MAYOR this 28th day of January, 2019. Yj1w Denis Law, Mayor Approved as to form: ©F 11R /yt�;''�., ,r - SEAL _ * airShane Moloney, Cit Attorney ^ RES:1801:1/18/19:scr ''��opATED ,\„...\ 3 RESOLUTION NO. 4364 EXHIBIT A PAGE 7 OF THE ADOPTION AGREEMENT CONTAINED WITHIN THE 457(b) DEFERRED COMPENSATION PLAN RESOLUTION NO. 4364 (C) [ ] Direct transfers from the Plan may not be made. 17.Transfers to Purchase Service Credits (Section 8.2) (Select one) If selected below, a Participant may request a transfer from this Plan to a defined benefit governmental plan to purchase service credit. [X] Yes, apply. [ ] No, do not apply. 18.Rollover Contributions (Section 3.10) (Select one) Note: An Eligible Governmental 457(b) Deferred Compensation Plan cannot accept rollovers of after-tax funds from another plan. If Roth Elective Deferrals are elected, an Eligible Governmental 457(b) Deferred Compensation Plan can accept rollovers of Roth Elective Deferrals from another Eligible Governmental 457(b) Deferred Compensation Plan, or as otherwise permitted under the Code. (A) N Rollovers to the Plan, including rollovers of Roth Elective Deferrals, are permitted to the extent permitted by law. (B) [ ] Rollovers to the Plan, excluding rollovers of Roth Elective Deferrals, are permitted to the extent permitted by law. (C) [ ] Rollovers to the Plan are not permitted. 19.In-Service Distribution at Age 701/2 (Section 5.1(a)) (Select one) If selected below, a Participant may receive a distribution of all or a portion of his or her benefit upon attainment of age 70 '/z prior to Severance from Employment. [X] Yes, apply. [ ] No, do not apply. 20.Unforeseeable Emergency (Section 5.5) (Select one) If selected below, a Participant may receive a distribution due to Unforeseeable Emergency prior to Severance from Employment. (A) [X] Yes, apply. If"Yes" is selected, please select who will be making the determination approving an Unforeseeable Emergency: 7 TIAA-CREF Financial Services© Governmental 457(b) Deferred Compensation Plan 6/2013 Adoption Agreement