R25-318 RESOLUTION NO. R25-318
1 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON
2 BEACH, FLORIDA, APPROVING AGREEMENTS WITH NATIONWIDE AS
3 THE 457 EMPLOYEE PLAN PROVIDER, AND BURGESS CHAMBERS AND
4 ASSOCIATES AS THE CITY'S FINANCIAL ADVISOR, AND AUTHORIZE
5 THE MAYOR OR CITY MANAGER TO EXECUTE ALL ANCILLARY
6 DOCUMENTS NECESSARY TO IMPLEMENT THE AGREEMENTS,
7 INCLUDING SUPPLEMENTAL PROVIDER AGREEMENTS WITH SCHWAB
8 AND ADDITIONAL EXTERNAL INVESTMENT ACCOUNT PROVIDERS
9 RELATED TO THE 457 INVESTMENT PLAN; AND FOR ALL OTHER
10 PURPOSES.
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12
13 WHEREAS, the City, pursuant to and in compliance with the Internal Revenue Code of
14 1986, as amended ("Code"), established and sponsors the City of Boynton Beach Deferred
15 Compensation Plan ("Plan"), a Section 457(b) Plan; and
In WHEREAS, the City desires to have Nationwide Retirement Solutions, Inc., an affiliate and
17 subsidiary of Nationwide Financial Services, Inc. ("Nationwide"), continue to perform the non-
8 discretionary recordkeeping and administrative services described in this Agreement for the Plan
19 ("Administrative Services"); and
20 WHEREAS, Burgess Chambers and Associates, Inc., has demonstrated expertise in the field
21 of investment monitoring and in advising governmental and corporate organizations' retirement
22 plans in the development of prudent investment policies and procedures; and
23 WHEREAS, the City seeks the advice and expertise of Burgess Chambers and Associates,
24 Inc.; and
25 WHEREAS, the City Commission, upon the recommendation of staff, has deemed it in the
26 best interests of the City's citizens and residents to approve Agreements with Nationwide as the
27 457 Employee Plan provider, and Burgess Chambers and Associates as the City's financial advisor,
28 and authorize the Mayor or City Manager to execute all ancillary documents necessary to
29 implement the agreements, including supplemental provider agreements with Schwab and
30 additional external investment account providers related to the 457 Investment Plan.
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33
RESOLUTION NO. R25-318
34 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON
35 BEACH, FLORIDA, THAT:
36 SECTION 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
37 being true and correct and are hereby made a specific part of this Resolution upon adoption.
38 SECTION 2. The City Commission of the City of Boynton Beach, Florida, does hereby
39 approve an Administrative Service Agreement between Nationwide Retirement Solutions, Inc., an
40 affiliate and subsidiary of Nationwide Financial Services, Inc., and the City for the Governmental
41 457(b) Deferred Compensation Plan, in form and substance to be approved by the City Attorney's
42 office.
43 SECTION 3. The City Commission of the City of Boynton Beach, Florida, does hereby
44 approve an Agreement between Burgess Chambers and Associates, Inc., and the City for
45 Investment Performance Monitoring and Advisory Services, in form and substance to be approved
46 by the City Attorney's office.
47 SECTION 4. The City Commission of the City of Boynton Beach, Florida, hereby
48 authorizes the City Manager and the Mayor to execute the Agreements, and any ancillary
49 documents required under the Agreement or necessary to accomplish the purposes of the
50 Agreement, including any term extensions as provided in the Agreement, provided such
51 documents do not modify the financial terms or material terms. They are further authorized to
52 execute all documents necessary to effectuate the intent of this Resolution, including but not
53 limited to: any change orders, amendments, modifications, or supplemental agreements deemed
54 necessary that do not increase the financial obligations of the City beyond the approved budgeted
55 not-to-exceed amounts.
56 SECTION 5. This Resolution shall take effect in accordance with the law.
57 [SIGNATURES ON THE FOLLOWING PAGE]
58
RESOLUTION NO. R25-318
59 PASSED AND ADOPTED this a day of -e_�42._' beA 2025.
60 CITY OF BOYNTON BEACH, FLORIDA
61 YES NO
62 Mayor- Rebecca Shelton ✓
63
64 Vice Mayor-Woodrow L. Hay
65
66 Commissioner-Angela Cruz
67
68 Commissioner-Thomas Turkin
69
70 Commissioner-Aimee Kelley
71
72 VOTE 5 -o
73 ATTEST:
7574
7($0.-Ma=ts, MPA, C
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becca Shelton
7City Clerk Mayor
c,VT79 ... ....Op ‘ APPROVED AS TO FORM:
80 (Corporate Seal) .•'2 �O�A•�2h
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83 �'���i O ��o �a % Shawna G. Lamb
84 i,Q,9 •••....••
City Attorney