HomeMy WebLinkAboutResolution 2008-238 N.C.S. 12/15/2008 Resolution No. 2008-238 N.C.S.
of the City of Petaluma, California
REMOVING STATE STREET BANK AND TRUST COMPANY AS PASSIVE
NONDISCRETIONARY TRUSTEE OF THE TRUST FOR THE CITY OF PETALUMA
401 (A) EMPLOYER DISCRETIONARY RETIREMENT PLAN AND APPOINTMENT
OF RELIANCE TRUST COMPANY AS SUCCESSOR PASSIVE
NONDISCRETIONARY TRUSTEE OF THE TRUST FOR THE PLAN
WHEREAS, State Street Bank and Trust Company ("State Street") currently serves as
passive, nondiscretionary Trustee for the City of Petaluma's 401 (a) Employer Discretionary
Retirement Plan (the "Plan"); and,
WHEREAS, State Street has provided notice to Hartford Life Insurance Company that it
will no longer provide these services to customers beyond January 9, 2009; and,
WHEREAS, as a result, it is desirable to remove State Street as passive,
nondiscretionary Trustee of the trust for the Plan and to appoint Reliance Trust Company
("RTC") as successor passive, nondiscretionary Trustee of the trust for the Plan.
NOW, THEREFORE, BE IT RESOLVEll that State Street is hereby removed as
passive nondiscretionary Trustee of the trust for the Plan, and that Reliance Trust Company is
hereby appointed as successor passive, nondiscretionary Trustee for the trust for the Plan.
BE IT FURTHER RESOLVED, that the City Manager and/or his designee is hereby
authorized, empowered, and directed to execute on behalf of the City of Petaluma, any and all
documents required to effectuate each removal and appointment, including but .not limited to the
Trustee Removal and Appointment document, and to take such actions as are necessary,
appropriate or advisable to effectuate the foregoing resolution.
Under the power and authority conferred upon this Council by the Charter of said City.
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REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the App?o~ed as to
Council of the City of Petaluma at a Regularmeeting on the 1 ~`h day of December, ~f /form.
2008, by the following vote:
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Cit ttorney
AYES: Qarrett, Preitas, Harris, Nau, O'[3rien, Vice Mayor Rabbits, Mayor ~orfiatt
NOES: None g
ABSENT: None
.ABSTAIN: None ~ _
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ATTEST:
City Clerk M or
Resolution No. 2008-238 N.C.S. Page 1