HomeMy WebLinkAboutAgenda Report - February 3, 1988 (38)t, U N C I L C O M N U N I C .. T I O N
10 1HE G11Y UOUNLILN L.
FROM: THE CITY MANAGERS OFFICE February 3, 1988
SUBJECT: APPROVE CHANGE OF PLAN ADMMTRATOR FOR CITY OF LODI DEFERRED COMPENSATION
PROGRAM
PREPARED BY: Assistant City Manager
RECOMMENDED ACTION: The City Council appoint Great Western Savings and
Loan Association as ^.dministrator of the City of
Lodi's Deferred Compensation Plan.
BACKGROUND INFORMATION: Since 1980 the City of Lodi's Deferred Compensation
Plan has been administered by Home Savings and Loan
Association. In October of 1987, Home S&L notified
the City they had made a business decision to
withdraw from this activity.
The Deferred Compensation Committee solicited
Requests for Proposals (RFPs) from institutions involved in administering
public employees deferred compensation plans. VIS received responses from six.
The factors used in evaluating the proposals centered
around the following:
1) rate of return of investment
2) safety of principal
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COUNCIL COMMUNICATIU..
DEFERRED COMPENSATION PLAN ADMINISTRATOR
f of lowing:
February 3, 1988
Page -2-
The major reasons for this decision centered on the
ease of transition
similarity of plan with the City's present plan
Great Western's commitment to stay with deferred
compensation plans
generally higher rate of return
The Committee unanimously recommends the City Council
appoint Great Western Savings and Loan as Plan Administrator for the City of
Lodi ' S Deferred Compensation plan.
Respectfully submitted,
Cha firman , 1�eerred Compensation Committee
g%ropp, � f�4 QMVp
.gaq,tiN Committee
CITY COUNCIL
EVLLYN M OLSON. manor
JOHN R ;Randv) SNIDER
Mavor Pro Tempore
DAVID til HINCHM4AN
JAMES IN PINKERTON. Jr.
FRED -%I REID
February 4, 1988
CITY OF LORI
CITY HAIL, 221 WEST PINE STREET
CALL BOX 3006
LODI. CALIFORNIA 95241-1910
(209) 334-5634
TELECOPIER U2(19) 333-6795
Great Western Financial Securities
P. O- Fox 6350
Northridge, CA 91328
AT L ENIfION : Mary Ann Fra ko
Dear Mary Arai:
THOMAS A. PETERSON
City Manager
�F�?L REMICHE
E 1 C City Clerk
I `�8 FEB -5a+41 D 11:1 r3TtE IN
City Attorney
ALICE 4`. i;EiidCHE
CITY CLERK
CITY OF (CD:
Please find attached a history of currently employed Lodi City employees
contributing to the deferred caTipensation plan. A list of people who are
no longer employees of the City but are receiving distribution of benefits
from Ham Savings of America w i 11 follow at a later date.
I will be in touch with you regarding the changeover dates, amounts, etc.
f --am Home Savings of America.
If you have any questions regarding this matter, please call me at
(209) 333-6761.
CITY COUNCIL
rVELYN Ni OLSON. Ntavor
JOHN R (Rand) SNIDER
Nta\•or Pro tempore
DAVID ,tit HINCHMAN
JAMES WW PINKERTON. Jr
FRED M. REID
CITY OF LODI
CITY HA. 1, 221 WEST PINE STREET
CALL BOX 3006
LODI. CALIFORNIA 95241.1910
"09) :13.1-%34
TBECOPIER 120913336795
February 5, 1988
Mc J. Scott Simpson
Representative
Deferred Compensation Programs
Great Western Financial Securities
1300 21st Street
Sacramento, CA 95814
Dear bA Simpson:
THOMAS A PETERSON
Vity Manager
ALICE M 01INACHL
City Clerk
RONALD M. SrE1N
Vity Attorney
Please be advised that the Lodi City Council, at its regular meeting of
February 3, 1988, appointed Great Western Savings and Loan Association
as the administrator of the City of Lodi's Deferred Compensation Plan.
W have enclosed a certified copy of Resolution No. 88-18, the
authorizing resolution.
Should you have any questions regarding this matter please do not
hesitate to call this office.
RESOLD ION APPOINTING GREAT WESTERN SAVINGS AND LOAN ASSOCIA ION
TO SERVE AS THE CITY'S ADMrEIRATOR OF THE CITY OF LODI
DEFERRED CATION PROGRAM
RESOLVED, that the City Council of the City of Lodi does hereby -.ppoint
Great Western Savings and Loan Association as Administrator of the City of Lodi
Deferred Compensation Program.
I hereby certify that Resor=tion No. 88-18 was passed and adopted by the City
Coupci 1 of the City of Lodi in a regular meeting held February 3, 1983 by the
following vote:
Ayes : Council Members - Ninchman, Pinkerton, Snider and Olson (Mayor)
Noes : Council Members - None
Absent: Council Members - Reid
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