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