HomeMy WebLinkAboutReso 2001-145 - PARS RESOLUTION NO. 2001- X91%
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING ADOPTING
THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS) TRUST SECTION 457
ALTERNATE RETIREMENT PLAN AND DEFINED CONTRIBUTION RETIREMENT
ENHANCEMENT PLAN
WHEREAS, it is to be determined to be in the City's best interest and its employees to provide a
Qualifying Retirement System for all its employees not currently eligible for such a Qualifying Retirement System,
thereby,meeting the requirements of Section 11332 of the Omnibus Budget Reconciliation Act(OBRA 90)and
Section 3121(b)(7)(F) of the Internal Revenue Code (IRC),
WHEREAS,the City is eligible to be a member of the Public Agency Retirement System(PARS)Trust,
which has made such a System available o the City and its eligible employees and qualifies under California
Government Code Sections 53215-53224 and 20000,OBRA 90 Section 11332,IRC Sections 3121(b)(7)(F)and
401(a),and meets the meaning of the term"retirement system"as given by Section 218(b)(4)of the Federal Social
Security Act.
WHEREAS,the City is eligible to be a member of the Public Agency Retirement System(PARS)Trust,
which has made available a Defined Contribution Retirement Enhancement Plan supplementing Ca1PERS and
qualifying under the relevant sections of the Internal Revenue Code and the California Government Code;
NOW THEREFORE, BE IT RESOLVED that:
1. The City Council hereby adopts the PARS Trust, including the PARS Section 457
Alternate Retirement Plan and the PARS Defined Contribution Retirement Enhancement Plan for Employees
whose Employment Agreement or Memorandum of Understanding provide for participation,effective October 2,
2001, the Effective Date for the benefit of employees on that date and hired thereafter; and
2. The City Council hereby appoints the City Manager, or his/her successor or his/her
designee as the City's Plan Administrator for the Public Agency Retirement System; and
3. The City's Plan Administrator is hereby authorized to implement the plan(s),execute the
PARS legal documents on behalf of the City and to take whatever additional actions are necessary to maintain the
City's participation in PARS and to maintain PARS compliance of any relevant regulation issued or as may be
issued; therefore, authorizing him/her to take whatever additional actions are required to administer the City's
PARS plan(s).
I HEREBY CERTIFY that the foregoing Resolution was introduced and read at a regular meeting of the
City Council of the City of Redding on the second day of October,2001, and was fully adopted at said meeting
by the following vote:
AYES: COUNCIL MEMBERS: Cibula, Kight, Pohlmeyer, Stegall and McGeorge
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None y�
DAVID " ORG AY
City of Redding
ATTEST: FORM APPROVED: p
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CONNIE STR )HMAYER, 0 ty 1erk - a�rW. LEQNARD WINGAT Cit rney