CC - 2007-21 - Approving a Qualifying Retirement System0 Resolution No. 2007-21b
CITY OF ROSEMEAD
LOS ANGELES COUNTY, CALIFORNIA
WHEREAS it is determined to be in the City's best interest and its employees to provide a Qualifying
Retirement System for its employees not currently eligible for such a Qualifying Retirement System, thereby
meeting the requirements of Section 11332 of the Omnibus Budget Reconciliation Act (OBRA 90) and Section
3121(b)(7)(F) of the Internal Revenue Code (I RC),
WHEREAS the Public Agency Retirement System (PARS) has made such a system available to the City and
its eligible employees and qualifies under OBRA 90 Section 11332, IRC Sections 3121(b)(7)(F) and 457(b),
and meets the meaning of the term "retirement system" as given by Section 218(b)(4) of the Federal Social
Security Act.
NOW THEREFORE, BE IT RESOLVED THAT:
1. The City Council hereby adopts the PARS 457 Trust, including the PARS Section 457 FICA
Alternative Retirement Plan, effective July 1, 2007, the Effective Date for the benefit of employees
on that date and hired thereafter; and
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; and
3. The City's Plan Administrator is hereby authorized to implement the plan(s), execute the PARS
legal documents on behalf of the City and to take whatever additional actions are necessary to
maintain the City's participation in PARS and to maintain PARS compliance of any relevant
regulation issued or as may be issued; therefore, authorizing him/her to take whatever additional
actions are required to administer the City's PARS plan(s).
PASSED, APPROVED and ADOPTED by the City Council of the City of Rosemead on this 12`h day of
Junc, 2007.
ATTEST:
Nina Castruita,-.City Clerk
r
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD 1
I, Nina Castruita, City Clerk of the City of Rosemead, do hereby certify that the
foregoing Resolution No. 2007-21 being:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ROSEMEAD, CALIFORNIA, APPROVING A QUALIFYING
RETIREMENT SYSTEM FOR ITS EMPLOYEES NOT CURRENTLY
ELIGIBLE FOR SUCH A QUALIFYING RETIREMENT SYSTEM
THEREBY MEETING THE REQUIREMENTS OF SECTION 11332 OF
THE OMNIBUS BUDGET RECONCILIATION ACT (OBRA 90) AND
SECTION 3121 (13)(7)(F) OF THE INTERAL REVENUE CODE (IRC)
was duly and regularly approved and adopted by the Rosemead City Council on the 12th
of June, 2007, by the following vote to wit:
Yes: Clark, Low, Nunez, Tran
No: Taylor
Abstain: None
Absent: None
I.Lk'-
. ~jjku ( Nina Castruita
City Clerk