DATE:
| 7/9/2019 | TO:
| HONORABLE MAYOR AND CITY COUNCIL | FROM:
| Mark Carlson CPA, Finance Director | SUBJECT:
| Resolution of the City Council of the City of Union City Authorizing Certain Individuals to Act on Behalf of the City as it Relates to AIG Federal Savings Bank. |
This resolution authorizes certain individuals to act on behalf of the City as it relates to employee investment activities with AIG Federal Savings Bank also known as VALIC.
BACKGROUND
Prior to 2010 the City utilized VALIC for certain employee directed retirement investments from their paychecks. In 2010 the City switched to utilizing ICMA services for employee directed retirement investments.
DISCUSSION
Recently, a retired City employee notified us that they needed the City’s authorization for certain fiscal activities they were undertaking with VALIC. Per the terms of the plan documents a representative of the City is required to authorize such transactions. The authorized signers on the VALIC plan are no longer with the City. This resolution will add the following two employees as signers:
Mark Carlson, Finance Director Alicia Reyes, HR Analyst
FISCAL IMPACT
There is no fiscal impact by this action.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution authorizing the above two employees to act as signers on the VALIC account.
Prepared by:
Mark Carlson CPA, Finance Director
Submitted by:
Mark Carlson CPA, Finance Director |