CC - 2000-40 - Establishment of The PARS Supplemental Retirement PlanRESOLUTION NO. 2000-40
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD,
CALIFORNIA AUTHORIZING THE ESTABLISHMENT OF THE PARS
SUPPLEMENTAL RETIREMENT PLAN TO BE ADMINISTERED BY
PHASE II SYSTEMS, PARS TRUST ADMINISTRATOR
WHEREAS, on June 6, 2000, the City Council adopted Resolution 2000-28 finding that
is in the best interest of the City to provide a competitive retirement plan to attract and
retain City employees; and
WHEREAS, Resolution 2000-28 declared the City's intention to become a member of
PARS and adopt the PARS Supplementary Retirement Plan for Rosemead City
employees and officials currently in the PERS system; and
WHEREAS, Resolution 2000-28 instructed staff to negotiate and bring to the City
Council for final approval the legal documents to implement the PARS plan, with said
plan effective July 1, 2000; and
WHEREAS, the CITY is eligible to be a member of the Public Agency Retirement
System (PARS), and provide to its' employees a governmental plan, qualifying under
relevant sections of the Internal Revenue Code and the California Government Code.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF ROSEMEAD,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS
FOLLOWS:
The COUNCIL does hereby adopt the PARS Trust, including the PARS
Supplementary Retirement Plan (SRP) for City employees effective July
1, 2000.
2. 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 a replacement benefit program at
no additional cost to the City.
& •
The COUNCIL hereby appoints the City Manager, or the designee of the
City Manager, as CITY Administrator for PARS, and further authorizes
him/her to implement the Plans and to take whatever additional actions are
necessary to maintain the participation of the CITY in PARS and to
maintain PARS compliance with relevant regulations issued or as may be
issued by the Federal. or State government or agencies.
MAYOR
ATTEST:
City Clerk
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
I, Nancy Valderrama, City Clerk of the City of Rosemead, California, hereby certify that
the Resolution 2000-40 was duly and regularly adopted by said CITY as a regular
meeting thereof held on the I I'h day of July, 2000, and passed by the following vote:
AYES: Bruesch, Clark, Vasquez, Imperial
NOES: Taylor
ABSENT: None
ABSTAIN: None / IN WITNESS WHEREOF I have hereunto set my hand seal this ll ) Ys ~O'~
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City;Clerk '