HomeMy WebLinkAbout17-Deferred Comp. Advisory Board
Ci7Y OF SAN BERNJitDINO - REQUEST FO~ COUNCIL ACTION
From: Glenn Parkerson, Chairman
Subject: Addendum to Agreement between the
City of San Bernardino and Great
Western Savings to provide additional
funding vehicle.
Dept: Deferred Compensation Advisory Board
Date: August 6, 1990
Synopsis of Previous Council action:
November 17, 1986 - Mayor and Common Council adopted Resolution No. 86-462 authorizing
the execution of an agreement with Great Western Savings for
services as administrator of the City's Deferred Compensation Plan.
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Recommended motion:
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Adopt Resolution.
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Signature
Contact person: Glenn Parkerson
Phone: ext. 5299
Supporting data attached:
FUNDING REQUIREMENTS:
Ward:
Amount:
Source: (Acct. N~)
(Acct, DescriDtionl
Finance:
Council Notes:
75-0262
Agenda Item No
17
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CITY OF SAN BERNACbINO - RBQUBST pofl COUNCIL ACTION
STAFF REPORT
At the meeting of July 18, 1990, the Deferred Compensation
Advisory Board approved a motion to request that an addendum to
the agreement between the City of San Bernardino and Great
Western Savings for services as administrator of the City's
Deferred Compensation Plan be prepared for approval by the Mayor
and Common Council.
Pursuant to Section 6 of the contract, the addendum would
provide for the addition of Twentieth Century Investors as an
additional funding vehicle.
Twentieth Century Investors contains four no load mutual
funds, listed below.
1. Ultra Fund, a high risk fund,
2. Growth Fund, a standard fund,
3. Select Fund, a blue chip fund, and
4. Balanced Fund, with 60% in stocks and 40% in bonds.
Attached is an Investment Option Return Update which shows
Twentieth Century' s performance as compared to another funding
vehicle in the plan, American Funds Group.
Twentieth Century Investors would be added to the three
funding vehicles already in place as listed below:
1. Great Western Bank Indexed Account (Savings Account),
2. Great Western Bank Certificate of Deposit (minimum
deposit $1,000.00),
3. American Funds Group,
a. Investment Company of America,
b. Growth Fund of America,
c. Bond Fund of America.
75--0264
-
GREATWESTE~ BANK ~
o
A Federal Savings Bank
3590 Cem8I AIIenue
R~. Calilomia 92506
(714) 351.2834
(800) 252.7800
DEFERRED COMPENSATION PLAN
INVESTMENT OPTION RETURN UPDATE
JUNE 30,1990
..;,..0. .' , '~
AMERICAN FUNDS GROUP
GROWTH FUND
OF AMERICA
. .r+: '. -; ~' f,_~#-,~, -
YEAR TO DATE
+ 4.86
+ 3.53
+ 2.63
LAST YEAR
+30.1
+29.4
+10.1
5 YEAR TO DATE
+17.12
+17.47
+10.39
10 YEAR TO DATE
+18.11
+18.21
+11.88
TWENTIETH CENTURY INVESTORS
ULTRA FUND GROWTH FUND SELECT FUND BALANCED FUN!
YEAR TO DATE +11. 02 +11.09 + 7.06 + 6.34
LAST YEAR +36.92 +43.12 +39.5 +25.61
5 YEARS TO DATE +17.75 +20.39 +17.9 *
10 YEARS TO DATE * +18.43 +20.41 *
* Fund has not existed long enough to establish average
NOTE. Total returns are calculated at net asset value. Results
shown are for illustration purposes only, and are not a
guarantee of furure performance.
For further information contact
MK COOVERT
GREAT WESTERN BANK
3590 CENTRAL AVE SUITE 20~
RIVERSIDE, CA. 92506
351-2834
o
o
1
RESOLUTION NO.
2 RESOLUTION OF THE CITY OF SAN BERNARDINO AMENDING
RESOLUTION NO. 86-462 ENTITLED IN PART "RESOLUTION. . .WITH GREAT
3 WESTERN SAVINGS FOR SERVICES AS ADMINISTRATOR OF THE CITY'S
DEFERRED COMPENSATION PLAN"; TO ADD ADDENDUM TO AGREEMENT WHICH
4 APPROVES TWENTIETH CENTURY INVESTORS AS AN ADDITIONAL FUNDING
VEHICLE.
5
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
6 COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
7
SECTION 1. The Mayor of the City of San Bernardino is
8 hereby authorized and directed to execute on behalf of said City
9 an Amendment to Agreement with Great Western Bank for services as
10 administrator of the City's Deferred Compensation Plan, by adding
11 addendum dated January 1, 1990. The addendum provides for adding
12 investment vehicles pursuant to Section 6 of said agreement. A
13 copy of the addendum is attached hereto, marked Exhibit "A" and
14 incorporated herein as fully as though set forth at length.
15
SECTION 2.
The authorization to execute the above-
17 fail to execute it within sixty (60) days of the passage of this
16 referenced agreement is rescinded if the parties to the agreement
18 resolution.
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DAB/ses/Vehicle.res 1
August 21, 1990
o
o
1 RESOLUTION. . . AMENDING RESOLUTION NO. 86-462. . . TO ADD
ADDENDUM TO AGREEMENT WHICH APPROVES TWENTIETH CENTURY INVESTORS
2 AS AN ADDITIONAL FUNDING VEHICLE.
3 I HEREBY CERTIFY that the foregoing resolution was duly
4 adopted by the Mayor and Common Council of the City of San
5
Bernardino at a
meeting thereof, held on the
6
day of
, 1990, by the following vote, to wit:
7
Council Members:
AYES
NAYS
ABSTAIN
8 ESTRADA
9 REILLY
10 FLORES
11 MAUDSLEY
12 MINOR
13 POPE-LUDLAM
15
14 MILLER
16
17
18
19
City Clerk
The foregoing resolution is hereby approved this day
of
, 1990.
20 W. R. H01comb, Mayor
City of San Bernardino
21 Approved as to
form and 1ega1 content:
22
23
24
25
26
27
28
JAMES F. PENMAN,
City Attorney
By: !.., 1- L
o
DAB/ses/Vehic1e.res
August 21, 1990
2
GREATWESTE~ BANK ~
o
A Federal Savings Bank
3590 Central -..
RiverIG, CaIiforma 92506
(714) 351.2834
(800) 252.7800
DEFERRED COMPENSATION PLAN
INVESTMENT OPTION RETURN UPDATE
JUNE 30,1990
"w:i"."'~-, "-'.'~;';.
.~?t~<4""-:~:~j:4.;~'"
AMERICAN FUNDS GROUP
YEAR TO DATE + 4.86
+ 3.53
........,~~.,;
BOND FtJNI) .'
OF AMERICA ....,:.~'t.!.'.i'i:c..
+ 2.63
GROWTH FUND
OF AMERICA
INVESTMENT CO.
OF AMERICA"
LAST YEAR +30.1
+29.4
+10.1
5 YEAR TO DATE +17.12
+17.47
+10.39
10 YEAR TO DATE +18.11
+18.21
+11. 88
TWENTIETH CENTURY INVESTORS
ULTRA FUND GROWTH FUND SELECT FUND BALANCED FUN!
YEAR TO DATE +11. 02 +11. 09 + 7.06 + 6.34
LAST YEAR +36.92 +43.12 +39.5 +25.61
5 YEARS TO DATE +17.75 +20.39 +17.9 *
10 YEARS TO DATE * +18.43 +20.41 *
* Fund has not existed long enough to establish average
NOTE. Total returns are calculated at net asset value. Results
shown are for illustration purposes only, and are not a
guarantee of furure performance.
For further information contact
MIl: COOVERT
GREAT WESTERN BANK
3590 CENTRAL AVE SUITE 20v
RIVERSIDE, CA. 92506
351-2834
o
o
ADDENDUM TO DEFERRED COMPENSATION PLAN AGREEMENT
BETWEEN CITY OF SAN BERNARDINO
AND
GREAT WESTERN BANK
DATED JANUARY 1, 1987
Pursuant to Section 6 of this Alreement, additional Inestment "ehlcle(s) a"allable under this
Alreement are the followlnl:
TWENTIETH CENTURY INVESTORS. INC
SELECT FUND
GROWTH FUND
ULTRA FUND
BALANCED FUND
In Witness Whereof, the parties have executed this amendment effective on the date first
abo"e written
AGENCY
GREAT WESTERN BANK
Q., J LAIr
BY:
BY:
DATE SIGNED:
DATE SIGNED:~
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