CC Resolution No. 08-005 Self managed accountsRESOLUTION OS-005
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
AUTHORIZING CALPERS 457 SELF-MANAGED ACCOUNTS
WHEREAS, the City of Cupertino offers 457 deferred compensation plans to assist
employees in preparing for their retirement security; and
WHEREAS the self-managed account option through CaIPERS 457 provides employees with
greater investment choices including CD's, a wider selection of mutual funds and individual
stocks; and
WHEREAS all fiduciary responsibility associated with Ca1PERS 457 self-managed accounts
is assumed by participating employees; and
WHEREAS providing greater investment options through CaIPERS 457 serves the objective
of assisting employees in their retirement planning without increasing City fiduciary
responsibility;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Cupertino that
the Ca1PERS 457 deferred compensation plan will permit self-managed accounts.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Cupertino
this 8th day of January 2008 by the following vote:
Vote Members of the City Council
AYES: Sandoval, Mahoney, Wang, Wong
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: APPROVED:
City rk Mayor, City of Cupertino