HomeMy WebLinkAboutReso 57-2003RESOLUTION NO. 57-2003
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE ADDITION OF THE SELF-
DIRECTED TAX ADVANTAGED RETIREMENT SYSTEM (STARS)
PROGRAM TO THE CITY'S 4~57 DEFERRED COMPENSATION PLAN
EFFECTIVE AUGUST 1, 2003 AND AUTHORIZING INDIVIDUALS TO
ACT ON BEHALF OF PLAN
WHEREAS, the Association of Bay Area Govemments (ABAG) established a special
program called the Self-directed Tax Advantaged Retirement System (STARS) program to obtain
certain discounted investment, recordkeeping, non-discretionary plan administrative services and
custodial services for public agencies participating in STARS; and
WHEREAS, the City's 457 Deferred Compensation Plan Committee voted to add the
STARS Program to the City's Plan, this change will enhance the City of South San Francisco's
Deferred Compensation Plan and enable City employees to take advantage of the joint efforts of the
Association of Bay Area Governments; and
WHEREAS, the City Council desires to approve the addition of the Self-directed Tax
Advantaged Retirement System (STARS) program to the City's 457 Deferred Compensation Plan
effective August 1, 2003; and
WHEREAS, Employer has established a custodial account for which VALIC Trust Company
serves as Custodian; and
WHEREAS, the Employer desires to authorize certain individuals to act on behalf of the
Plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that the City Council approves the addition of the Self directed Tax Advantaged
Retirement System (STARS) program to the City's 457 Deferred Compensation Plan effective
August 1, 2003.
BE IT FURTHER RESOLVED that the fullest authority at all times has been invested in the
City Manager and his designees who are empowered to execute any documents that VALIC Trust
Company require relevant to the administration or management of the Plan and Plan assets. To take
any and all action deemed by any of them to be proper in connection with said Plan, including, but
not limited to, authority to give written or oral instructions to VALIC Trust Company with respect
to the Plan and Plan assets.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by the
City Council of the City of South San Francisco at a regular meeting held on the 25th day of June
2003 by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Councilmembers Joseph A. Femekes, Richard A. Garbarino, and Raymond L.
Green, Mayor Pro Tem Karyl Matsumoto and Mayor Pedro Gonzalez
None.
None.
None.
ATTEST:
City Clerk