2025-043 - AUTHORIZING THE TOWN MANAGER TO EXECUTE AGREEMENTS TO (1) APPOINT THE TOWN MANAGER AS PLAN ADMINISTRATOR FOR THE TOWN’S 457(B) AND 401(A) PLANS (“THE PLANS”), (2) AUTHORIZE TOWN MANAGER TO EXECUTE NECESSARY SERVICE PROVIDER AGREEMENT RESOLUTION 2025-043
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
AUTHORIZING THE TOWN MANAGER TO EXECUTE AGREEMENTS TO (1)APPOINT
THE TOWN MANAGER AS PLAN ADMINISTRATOR FOR THE TOWN'S 457(B)AND
401(A) PLANS ("THE PLANS"), (2)AUTHORIZE TOWN MANAGER TO EXECUTE
NECESSARY SERVICE PROVIDER AGREEMENTS RELATED TO THE ADMINISTRATION
OF THE PLANS AND (3) GRANT TOWN MANAGER THE AUTHORITY TO
DELEGATE/ASSIGN DUTIES FOR THE PLAN TO APPROPRIATE DEPARTMENTS AND
STAFF TO FULFILL TOWN'S FIDUCIARY RESPONSIBILITIES AND DUTIES AS OUTLINED
IN ARTICLE XVI,SECTION 17 OF THE CALIFORNIA CONSTITUTION
WHEREAS, the Town provides an employer sponsored 457 Deferred Compensation Plan
and 401(a) Defined Contribution Plan under Section 457(b) and Section 401(a) of the Internal
Revenue Code (IRC) herein known as "the Plans"; and
WHEREAS, the Plans provide tax benefits to eligible employees who make deposits into
the plan for their retirement; and
WHEREAS, MissionSquare provides record-keeping and administrative services for the
Plans; and
WHEREAS, after conducting an RFP for retirement plan fiduciary and consulting services;
and
WHEREAS, the Town selected Shuster Advisory Group, LLC to provide retirement plan
fiduciary and consulting services to the Plans, including a review of current plan fees and
investments; and
WHEREAS, after reviewing the 457(b) and 401(a) plan data collected,Shuster determined
that plan participants would benefit from a significant reduction in plan costs, and the
implementation of an enhanced investment platform, utilizing the current record-keeper,
MissionSquare; and
THEREFORE, BE IT RESOLVED: that the Town Council of Los Gatos hereby authorizes the
following:
The Town Manager of the Town of Los Gatos is authorized as the Plan Administrator of
the 457(b) and 401(a) plans and is authorized to execute necessary service provider
agreements related to the administration of the plans, and to delegate/assign duties
related to the administration of the plans to appropriate departments and staff.
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Resolution 2025-043 August 5,2025
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 5th day of August 2025 by the following vote:
COUNCIL MEMBERS:
AYES: Maria Ristow, Rob Rennie, Rob Moore, Mary Badame, Matthew Eludes
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED:
'('t (2
MAYOR OF THE TOW OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTE : r.
TOWN CL K OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
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Resolution 2025-043 August 5, 2025