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CITY OF COLTON <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF February 6, 2007 <br />TO: HONORABLE MAYOR AND CITY COUNCIL <br />FROM: Anthony Arroyo, Human Resources Director <br />SUBJECT: Approve and Adopt Amendment to the ICMA 457 Governmental <br />Deferred Compensation Plan by adding Guided Pathways Package <br />DATE: January 25, 2007 <br />BACKGROUND: In 1993, the City Council adopted the ICMA Retirement Corporation Deferred <br />Compensation Plan, one of three "457" deferred plans. ICMA has the highest enrollment of the <br />three plans compensation plans offered by the City with over 130 participants. Periodically, there <br />is a need for amendments in order to offer employers additional plan flexibility and/or comply with <br />regulatory requirements. <br />DISCUSSION/ANALYSIS: ICMA, in efforts to assist employees build retirement security, has <br />developed Guided Pathways. Guided Pathways offers employees both advisory and planning <br />services designed to guide them to the appropriate level of assistance. The employees' <br />involvement will be based on how involved they want to be in their investment decisions and their <br />comfort level making these decisions. Guided Pathways also includes a new Managed Accounts <br />service for those employees looking for ongoing professional management. <br />Guided Pathways replaced the current online -only guidance and advice tools. This new services <br />were introduced to employers late 2006 for availability in 2007. These new services require <br />completing a Service Agreement to amend our current contract; amendments to the current ICMA <br />Administrative Services Agreement must be approved by City Council. <br />FINANCIAL IMPACT: None. <br />ENVIRONMENTAL IMPACT: None. <br />CONFLICT OF INTEREST — None. <br />RECOMMENDATION: Staff recommends approval by City Council to amend the ICMA 457 <br />Governmental Deferred Compensation Plan by adding the Guided Pathways Package. <br />Prepared by: Blanca Arambula-Moreno, Human Resources Analyst <br />REVIEW TEAM ONLY (, <br />, <br />City Attorney — Finance Director: ✓ <br />City Manager: OTHER: <br />7/10/03 City Clerk's Office Cb <br />ITEM #12 <br />