HomeMy WebLinkAboutReso. 2024-103 - Auth. the Termination of the COR Public Agency Retirement Svcs. (PARS) Definded Contribution Retirement Enhancement PlanWHEREAS, the City of Redding (the "Employer") previously adopted the City of Redding
PARS Defined Contribution Retirement Enhancement Plan (the "Plan"), amended and restated effective
June 1, 2021; and
WHEREAS, the Employer has decided that it is in the best interest of the Employer and the Plan
to terminate the Plan; and
WHEREAS, as of the date of Plan termination, all amounts credited to the Account of any
affected Participant shall become one hundred percent (100%) vested; and
WHEREAS, all Plan assets shall be distributed to eligible Participants, as soon as
administratively feasible following the Plan termination; and
WHEREAS, the Plan shall be amended to include recent legislation and regulations applicable to
qualified 40 1 (a) defined contribution plans through the date of Plan termination; and
WHEREAS, in accordance with Section 7.3 of the Plan, the Employer has the right to amend and
terminate the Plan;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
REDDING:
(1) The Plan is hereby terminated effective December 3, 2024.
(2) As of the effective date of the Plan termination, all amounts credited to the Account of any
affected Participant shall become one hundred percent (100%) vested.
(3) All Plan assets shall be distributed to Participants having an undistributed balance in the Plan, as
soon as administratively feasible following the Plan termination.
(4) The Personnel Director is hereby authorized to execute Plan amendments and documents, if any,
and to do any and all acts that may be necessary in connection with the termination of the Plan.
(5) Once all Plan assets have been distributed, PARS is removed as Trust Administrator, U.S. Bank
N.A. is removed as Trustee, and John Hancock Retirement Services is removed as
Custodian/Recordkeeper, and any and all agreements associated with the Plan shall be terminated.
1, Sharlene Tipton, City Clerk of the City of Redding, hereby certify that the foregoing resolution
was duly and regularly introduced and adopted at a regular meeting of the City Council of said City held
on the 3' day of December, 2024, by the following vote:
AYES- COUNCIL MEMBERS- - Johnson, Mezzano, Munns, Winter, and Audette
NOES: COUNCIL MEMBERS. - None
ABSENT- COUNCIL MEMBERS: - None
ABSTAIN: COUNCIL MEMBERS: - None
i'! .........
Tenessa Audeftil"Mayor
ATTEST- AP
NBI:728896,1