(9)AR 110607 Evergreen Investments

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CITY OF COLTON AGENDA REPORT FOR COUNCIL MEETING OF NOVEMBER 6, 2007 TO: HONORABLE MAYOR AND CITY COUNCIL 1'O FROM. ANTHONY ARROYO, HUMAN RESOURCES DIRECTOR ITEM #9 SUBJECT: APPROVE AND ADOPT A RESOLUTION AUTHORIZING THE CITY MANAGER OR THE HUMAN RESOURCES DIRECTOR TO SIGN ON BEHALF OF THE CITY OF COLTON DOCUMENTS RELATED TO EVERGREEN INVESTMENT DATE: BACKGROUND: OCTOBER 23, 2007 In the early to mid-1990s, the City contracted with Evergreen Investments for employees to use as another choice for 457 deferred compensation in addition to CalPERS and ICMA-RC. The Evergreen Investment plan, however, was not feasible for various reasons and the contractual relationship was terminated. As a result, the few employees who deferred their compensation were unable to continue investing into Evergreen. DISCUSSION/ANALYSIS: Recently, a City employee contacted Evergreen Investments to inquire about withdrawing his money from his account. He was told that the request would have to come from an "authorized signer' for the City of Colton. (Historically, the authorized signer has been the Human Resources Director.) A formal resolution is required listing the name and title of the person authorized to sign Evergreen documents allowing employees who have requested their funds to be released to withdraw their money. Once the proper documentation has been submitted to Evergreen, the money in the employee's account will be mailed directly to the employee. The City currently has one employee who has requested money from Evergreen. Human Resources will inquire to see if other employees may have funds with Evergreen and want to withdraw those funds. FINANCIAL IMPACT: None ENVIRONMENTAL IMPACT: None. CONFLICT OF INTEREST — Gift Disclosure Requirements None. RECOMMENDATION: Approve and adopt a resolution authorizing the City Manager or the Human Resources Director to sign documents related to Evergreen Investments.