HomeMy WebLinkAboutResolution No. 06-C1030 0
RESOLUTION NO. 06-C103
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA AUTHORIZING
THE ESTABLISHMENT OF A PUBLIC AGENCY RETIREMENT SYSTEM (PARS)
SUPPLEMENTAL RETIREMENT PLAN FOR INTERNATIONAL BROTHERHOOD OF
ELECTRICAL WORKERS (IBEW) TO BE ADMINISTERED BY PHASE 11 SYSTEMS, PARS
TRUST ADMINISTRATOR
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 determined to be in the best interest of the City and its
IBEW employees to provide a Retirement Enhancement Program to eligible
employees; and
WHEREAS, the PARS Trust has made available a Retirement Enhancement Plan
supplementing CalPERS and qualifying under the relevant sections of the Internal
Revenue Code and the California Government Code.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Azusa as
follows:
Section 1. The City Council, being a member of the PARS Trust, does hereby
adopt the PARS Retirement Enhancement Plan (Exhibit A) for IBEW employees, as part
of the City Retirement Program, effective July 1, 2006.
Section 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.
Section 3. 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 for IBEW covered eligible employees. In addition,
if the City's PARS Administrator finds that the PARS supplemental plan benefit must be
limited under Section 415 of the Internal Revenue Code, then the Plan Administrator
will implement a replacement benefit program at no additional cost to the City.
PASSED AND ADOPTED by the City Council of the City of Azusa at a regular meeting
held on the 6" day of November 2006.
MAYOR OF THE CITY O
I HEREBY CERTIFY that the forgoing Resolution No. 06-C103, was duly adopted
at a regular meeting of said City Council on the 6"' day of November 2006, by the
following roll call vote:
AYES: COUNCIL MEMBERS: HARDISON, CARRILLO, ROCHA, HANKS, CHAGNON
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
CIN CLERK OF THE CITY OF AgAA