SEATTLE CITY COUNCIL - Record No: CB 119310

• Record No: CB 119310
• Version: 1
• Council Bill No: CB 119310
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 8/13/2018
• Ordinance No: Ord 125651
• Title: AN ORDINANCE relating to The City of Seattle's Voluntary Deferred Compensation Plan; amending Section 2.5 of the Deferred Compensation Plan to clarify existing immunity from liability for offering certain investment options.
• Sponsors: Sally Bagshaw
• Supporting documents: 1. Summary and Fiscal Note, 2. Central Staff Memo, 3. Signed Ordinance125651, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
8/24/2018	1	City Clerk	attested by City Clerk
8/24/2018	1	Mayor	returned
8/17/2018	1	Mayor	Signed
8/15/2018	1	City Clerk	submitted for Mayor's signature
8/13/2018	1	City Council	passed	Pass
8/8/2018	1	Finance and Neighborhoods Committee	pass	Pass
7/23/2018	1	City Council	referred
7/12/2018	1	Council President's Office	sent for review
7/10/2018	1	City Clerk	sent for review
7/10/2018	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to The City of Seattle's Voluntary Deferred Compensation Plan; amending Section 2.5 of the Deferred Compensation Plan to clarify existing immunity from liability for offering certain investment options.
body
WHEREAS, Ordinance 119159 adopted The City of Seattle's Voluntary Deferred Compensation Plan (Plan) as Exhibit A to the ordinance and as referred to in Seattle Municipal Code Section 4.38.010; and
WHEREAS, Section 1 of Ordinance 119159 states that the Plan Committee may amend the Plan only in specified areas; and
WHEREAS, the Committee wishes to consider offering broader socially responsible investment options for participant-directed investments, and clarifying the immunity from liability in such circumstances will help implement those options; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 2.5 of The City of Seattle's Voluntary Deferred Compensation Plan is amended as follows:
2.5 Investment Selections
When enrolling, the Participant needs to make an investment selection or selections from among the investment alternatives offered by the Trustee for this Plan. It is the Participant's responsibility throughout the Participant's participation in this Plan to direct the investment of the Participant's deferred amounts to the Plan's investment options. The Participant may change the Participant's investment selection from time to time. The Participant's investment directions must be given according to the procedure or form required by the Plan Committee and may be subject to reasonable restrictions imposed by the Plan Committee as to the frequency with which an individual Participant and the Participants collectively may give investment directions. The City, the Trustee, the Plan Committee, its custodian, its third party administrator, or any other person ((deemed to be a fiduciary of)) or entity providing se...