Agenda Packet_2023-08-01 - Laserfiche WebLink

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Finance and Management Services www.santa-ana.org/departments/finance/ Item # 20 or City of Santa Ana 20 Civic Center Plaza, Santa Ana, CA 92701 Staff Report August 1, 2023 TOPIC: Adopt Resolution appointing the Executive Director of Finance as Plan Administrator for Employee Savings Plans AGENDA TITLE Adopt Resolution appointing the Executive Director of Finance as Plan Administrator for Employee Savings Plans. RECOMMENDED ACTION Adopt a resolution appointing the Executive Director of Finance as plan administer of the 457(b) Deferred Compensation Plan, the 401(a) Retirement Savings Plan, and the 401(h) Retirement Health Savings Plan. DISCUSSION The City sponsors and administers the following employee savings plans: • Deferred compensation savings plan (Internal Revenue Code section 457(b)); • Retirement savings plan (IRC 401(a)) for past employees; and • Retirement health savings plan (IRC 401(h)). All third -party expenses to administer the plans are paid by current and past participating employees. Although employee savings plan assets are owned by current and past employees, and not the City, the City Council has fiduciary responsibilities for the plans. It has been the practice for the Executive Director of Finance to act as plan administrator, consistent with City Treasurer duties outlined in Santa Ana Municipal Code Section 2-300.8(h) as follows. "Direct treasury administration for the city; including the receiving and collecting of revenues and receipts from whatever source; have custody of all public funds belonging to or under the control of the city or any office, department, or other agency of the city government, and deposit all funds received in such depository as may be designated by resolution of the city council, or, if no such resolution be adopted, by the city City Council 20-1 8/1/2023