HomeMy WebLinkAboutResolutions - No. 2018-194RESOLUTION NO. 2018-194
A RESOLUTION OF THE LODI CITY COUNCIL APPROVING AND
AUTHORIZING THE CITY MANAGER TO EXECUTE REVISED DEFERRED
COMPENSATION PLAN DOCUMENT WITH NATIONWIDE RETIREMENT
SOLUTIONS, INC.; A FIDUCIARY INVESTMENTS MANAGEMENT
AGREEMENT WITH IRON FINANCIAL, LLC; A ROTH CONTRIBUTION
AMENDMENT TO THE CITY'S 457 PLAN; AN AGREEMENT FOR
SERVICES WITH NATIONWIDE INVESTMENT ADVISORS, LLC; AND A
TRUST AGREEMENT WITH NATIONWIDE TRUST COMPANY, FSB
WHEREAS, the City of Lodi has previously adopted a Deferred Compensation Plan with
administration by Nationwide Retirement Solutions, Inc. (Nationwide); and
WHEREAS, plan participants have requested certain additional services; and
WHEREAS, all services offered by Nationwide and IRON Financial, Nationwide
Investment Advisors, LLC, and Nationwide Trust Company, FSB, are optional and fully funded
by voluntary employee contributions; and
WHEREAS, Nationwide has provided revised plan documents for City execution that
provide additional services requested by employees in addition to other benefits; and
WHEREAS, the revised plan provides for more service at a lower cost; and
WHEREAS, the City Council is committed to providing a comprehensive benefits
package to employees; and
WHEREAS, approving the revised plan will provide an additional and valuable benefit to
employees for no cost to the City.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
authorize the City Manager to execute a revised Deferred Compensation Pian document with
Nationwide Retirement Solutions, Inc.; a Fiduciary Investments Management Agreement with
IRON Financial, LLC; a Roth Contribution Amendment to the City's 457 Plan; an Agreement for
Services with Nationwide Investment Advisors, LLC; and a Trust Agreement with Nationwide
Trust Company, FSB.
Date: October 17, 2018
hereby certify that Resolution No. 2018-194 was passed and adopted by the Lodi City
Council in a regular meeting held October 17, 2018, by the following vote:
AYES: COUNCIL MEMBERS — Chandler, Johnson, Kuehne, Mounce, and
Mayor Nakanishi
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
NNIFE
City Clerk
2018-194
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