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Page 1 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: June 9, 2025 <br />SUBJECT <br />Resolution approving and authorizing the City Manager to amend or establish Section 457(b) deferred <br />compensation plans for Redwood City employees, including the authority to negotiate, execute, and <br />amend agreements for such plans as needed <br />RECOMMENDATION <br />Adopt a resolution approving and authorizing the City Manager to amend the Section 457(b) deferred <br />compensation plans currently maintained by the City for Redwood City employees or to establish Section <br />457(b) deferred compensation plans for Redwood City employees, the terms of which designate the City <br />Manager ex officio to be the “Plan Administrator” with the discretionary authority set forth therein, <br />including the authority to negotiate, execute, and amend agreements for such plans as needed. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in Government Operations <br />BACKGROUND <br />Redwood City has provided employees with the option to enroll in a Section 457(b) deferred <br />compensation plan, which is a nonqualified deferred compensation plan set forth in Section 457(b) of the <br />Internal Revenue Code of 1986, as amended (the “Code”) and the Regulations published by the IRS. <br />Enrollment is optional and only employees contribute to these plans; there is no City contribution. <br />Currently, establishing or modifying 457 plans requires City Council approval. This item would delegate <br />that authority to the City Manager. <br />The City currently offers four Section 457(b) deferred compensation plans to employees: <br />California Public Employees Retirement System (CalPERS) <br />6.C. - Page 1 of 4 <br />31