HomeMy WebLinkAboutResolutions 2011-156 N.C.S. 11/07/2011 Resolution No. 2011 -156 N.C.S.
of the City of Petaluma, California
TERMINATING THE 401(a) EMPLOYER DISCRETIONARY RETIREMENT PLAN
ADMINISTERED BY THE HARTFORD LIFE INSURANCE COMPANY AND
REMOVING RELIANCE TRUST COMPANY AS TRUSTEE OF THE TRUST FOR
THE CITY OF PETALUMA 401 (a) EMPLOYER DISCRETIONARY RETIREMENT
PLAN AND NAMING THE CITY MANAGER AS THE SUCCESSOR PLAN
TERMINATION FIDUCIARY FOR THE PLAN
WHEREAS, the City of Petaluma wishes to terminate the 401 (a) Employer
Discretionary Retirement Plan (the "Plan ") administered by the Hartford Life Insurance
Company given limited City staff and others resources; there is no active or planned employee
participation in the Plan, and the City offers a 401(a) Employer Discretionary Retirement Plan
administered by ICMA; and,
WHEREAS, Reliance Trust Company ( "RTC ") currently serves as passive,
nondiscretionary Trustee for the City of Petaluma's 401 (a) Employer Discretionary Retirement
Plan; and,
WHEREAS, upon termination of the Plan, the City of Petaluma will no longer provide
these services to employees or former employees beyond January 3, 2012; and,
WHEREAS, as a result, it is desirable to remove RTC as passive, nondiscretionary
Trustee of the trust for the Plan and to appoint the City Manager as successor Plan Termination
Fiduciary for the Plan; and,
NOW, THEREFORE, BE IT RESOLVED by the City council of the City of Petaluma
that:
1. The City of Petaluma terminates the 401 (a) Employer Discretionary Retirement
Plan administered by the Hartford Life Insurance Company effective January 3,
2012; and,
Resolution No. 2011 -156 N.C.S. Page 1
2. Reliance Trust Company is removed as passive nondiscretionary Trustee of the
trust for the Plan, and the City Manager is named as successor Plan Termination
Fiduciary for the Plan effective January 3, 2012; and,
3. 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 the Plan termination and removal of the Trustee and
appointment of a successor Plan Termination Fiduciary, 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.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the pprcvee as to
Council of the City of Petaluma at a Regular meeting on the 7 day of November, fox
2011, by the following vote:
City A .rney
AYES: Barrett, Mayor Glass, Harris, Vice Mayor Healy, Kearney, Renee
NOES: None
ABSENT: Albertson
ABSTAIN: None
ATTEST: ,1 A A �// ' . t ?�� r/' /.. �✓��1��
Deputy City Cle Mayor
Resolution No. 2011 -156 N.C.S. Page 2