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ATTY/RESO.0059/CC RESO SECTION 457(B) DEFERRED COMPENSATION PLANS <br />REV: 05-29-25 MI <br />Page 1 of 1 <br />RESOLUTION NO. 16323 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AUTHORIZING THE CITY MANAGER TO AMEND THE SECTION <br />457(B) DEFERRED COMPENSATION PLANS CURRENTLY <br />MAINTAINED BY THE CITY FOR REDWOOD CITY EMPLOYEES OR TO <br />ESTABLISH SECTION 457(b) DEFERRED COMPENSATION PLANS <br />FOR REDWOOD CITY EMPLOYEES, THE TERMS OF WHICH <br />DESIGNATE THE CITY MANAGER EX OFFICIO TO BE THE “PLAN <br />ADMINISTRATOR” WITH THE DISCRETIONARY AUTHORITY SET <br />FORTH THEREIN, INCLUDING THE AUTHORITY TO NEGOTIATE, <br />EXECUTE, AND AMEND AGREEMENTS FOR SUCH PLANS AS <br />NEEDED <br />WHEREAS, the City of Redwood City offers four (4) different options for <br />nonqualified deferred compensation plans authorized by Section 457(b) of the Internal <br />Revenue Code of 1986, as amended and the Regulations published by the IRS; and <br />WHEREAS, the City strives to be agile and maintain a variety of benefit options <br />that meet the individualized needs of its diverse employee population; and <br />WHEREAS, modifications to deferred compensation plans currently require City <br />Council approval before taking effect; and <br />WHEREAS, the City’s Finance Director has been authorized by City Council to act <br />as Custodian/Trustee for the City of Redwood City’s Deferred Compensation Plan and <br />Trust; and <br />WHEREAS, funding is included in the FY 2025-26 Recommended Budget; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF REDWOOD CITY, AS FOLLOWS: <br />1.The City Manager is authorized to amend the Section 457(b) deferred <br />compensation plans currently maintained by the City for Redwood City employees or to <br />establish Section 457(b) deferred compensation plans for Redwood City employees, the <br />terms of which designate the City Manager ex officio to be the “Plan Administrator” with <br />the discretionary authority set forth therein, including the authority to negotiate, execute, <br />and amend agreements for such plans as needed. <br />2.This resolution shall be effective upon the date of its adoption. <br />* * *