HomeMy WebLinkAboutResolution No. 07-C077RESOLUTION NO. 07-C77
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 MISCELLANEOUS EXECUTIVE EMPLOYEES
ON CONTRACT 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
Miscellaneous Executive employees on contracts 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 Miscellaneous Executive
employees on contract, as part of the City Retirement Program, effective September
1, 2007.
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 Miscellaneous Executive employees on
contracts. 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 4th day of September, 2007.
J SEP R. ROCHA, MAYOR
. I HEREBY CERTIFY that the forgoing Resolution No. 07-C77, was duly adopted
at a regular meeting of said City Council on the 4th day of September 2007, by the
following roll call vote:
AYES: COUNCIL MEMBERS: GONZALES, CARRILLO, MACIAS, HANKS, ROCHA
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
VERA MENDOZA, 6TY CLERK '