HomeMy WebLinkAboutReso 03-2013RESOLUTION NO. 3-2013
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE CHANGE OF
ADMINISTRATOR FOR THE CURRENT EMPLOYEES
VOLUNTARY EMPLOYEES' BENEFICIARY
ASSOCIATION (VEBA) PLAN TO GENESIS EMPLOYEE
BENEFITS, INC,
WHEREAS, staff recommends approval of the change in Voluntary Employees'
Beneficiary Association (VEBA) plan administrator to Genesis Employee Benefits, Inc., and
WHEREAS, the plan pen-nits employees and retirees to continue accessing their existing
VEBA accounts.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that the City Council hereby approves Genesis Employee Benefits, Inc as the VEBA
administrator and authorizes the City Manager to execute the necessary plan documents to effect
this change, subject to approval as to form by the City Attorney.
BE IT FURTHER RESOLVED by the City Council of the City of South San Francisco
that Manufacturers and Traders Trust Company is hereby removed as Trustee of the California
Government VEBA Health Savings Trust, effective upon the City Council's appointment of a
Successor Trustee and the Successor Trustee's acceptance of appointment.
BE IT FURTHER RESOLVED by the City Council of the City of South San Francisco
that U.S. Bank National Association is hereby appointed as Successor Trustee of the City of
South San Francisco VEBA Health Savings Trust effective January 1, 2013.
BE IT FURTHER RESOLVED by the City Council of the City of South San Francisco
that U.S. Bank National Association, as Successor Trustee, shall have no responsibility for any
act or failure to act by the Previous Trustee prior to the date of the transfer of assets, and shall be
accountable only for assets received by the Successor Trustee.
BE IT FURTHER RESOLVED by the City Council of the City of South San Francisco
that the City of South San Francisco VEBA Health Savings Plan and Trust is amended and
restated effective January 1, 2013.
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 23rd day of
January, 2013 by the following vote.
AYES: Councilmembers Mark Addiego,_Riqfiard Ciarbqrino, and Pradco Gupta, -,-
Ma or Pro Tern Karyl Matsumoto and Ma �®r Pedro Gonzalez.
NOES: None
ABSTAIN: N
ABSENT: None
ATTEST:
Marti li
ity Clerk, K --j