HomeMy WebLinkAboutReso 2004-171 - PARS
. RESOLUTION NO. 2004 - 171 .
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
ADOPTING THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS) PLAN AND
DEFINED CONTRIBUTION RETIREMENT ENHANCEMENT PLANS, EFFECTIVE
JANUARY 1,2005.
WHEREAS, the City is a member of the Public Agency Retirement System (PARS) for the purpose of
providing tax qualified retirement benefits, and;
WHEREAS, it is to be determiined to be in the best interest of the City and its employees to provide
Retirement Enhancement Plans to eligible employees, and:
WHEREAS, the PARS Trust has made available Retirement Enhancement Phms supplementing
CalPERS and qualifying under the relevant sections ofthe Internal Revenue Code and the California
Government Code;
NOW THEREFORE, BE IT RESOLVED that:
1. The City Council, being a member of the PARS Trust, does hereb:r adopt the PARS
retirement Enhancement Plan(s) for employees whose Employment Agreement or Memorandums of
Understanding provide for participation, as part of the City of Redding Retirement Program, effective
January 1, 2005; and,
2. The City Council hereby appoints the Personnel Director or hislher successor or
hislher designee as the City's Plan Administrator for the Public Agency Retirement System; and,
3. The City's PARS PRan Administrator is hereby authorized to execute the P AlRS legal and
administrative service documents on behalf ofthe City to implement a PARS supplemental Plan(s) to
CaIPERS. In addition, if the City's PARS Plan Administrator f"mds that the PARS supplemental plan
benefit must be limited under Section 415 ofInternal Revenue Code, then the Plan Administrator will
implement replacement benefit programs at no additional cost to the City.
I HEREBY CERTIFY that the foregoing Resolution was introduced, read, and adopted at a special
meeting of the City Council of the Ciity of Redding on the 25th day of October, 2004, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN :
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
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Attest:
Cibula, Mathena, Kight, Stegall, and Po him eyer
None
None
None
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, Mayor
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