HomeMy WebLinkAboutResolution No. 04-C320
RESOLUTION NO. 04—C32
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA TO ADOPT THE PUBLIC AGENCY RETIREMENT
SYSTEM (PARS) SEPARATION INCENTIVE PROGRAM (SIP)
AND APPOINT CITY MANAGER OR HIS/HER DESIGNEE AS
THE PLAN ADMINISTRATOR
WHEREAS, the City is a member of the Public Agency Retirement System (PARS) for the
purposes of providing tax qualified retirement benefits.
WHEREAS, it is to be determined to be in the best interest of the City and its employees to provide
a supplemental plan to eligible employees.
WHEREAS, the PARS Trust has made available a Separation Incentive Plan supplementing
CalPERS and qualifying under the relevant sections of the Internal Revenue Code and the California
Government Code;
NOW, THEREFORE, BE IT RESOLVED that the City Council of The City of Azusa, being a
member of the PARS Trust, does hereby adopt the PARS Separation Incentive Plan, as part of the
City Retirement Program, effective May 3 , 2004; and 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 The City's Plan Administrator for the Public Agency
Retirement System; and the City[s PARS Administrator is hereby authorized to execute the PARS
legal and administrative service documents on behalf of the City to implement a PARS supplemental
plan to CalPERS. In addition, if the City's PARS Administrator finds that the PARS supplemental
plan benefit must be limited under Section 415 of Internal Revenue Code, then the Plan
Administrator will implement replacement benefit programs at no additional cost to the City.
PASSED AND AP
AYOR
THIS 3rd DAYOF Ma
2004
I HEREBY CERTIFY that the foregoing resolution was duly passed by the City Council of
the City of Azusa at a regular meeting thereof on the 3rd dayof May 2004 by
the following vote of the Council:
AYES: COUNCIL MEMBERS: HARDISON, STANFORD, ROCHA, CHAGNON, MADRID
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
CITY CLERK