HomeMy WebLinkAbout2009-90 - Early Retirement Incentive Plan ThroughRESOLUTION NO. 2009 -90
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NEWPORT BEACH
AUTHORIZING AN EARLY RETIREMENT INCENTIVE PLAN
THROUGH PARS
WHEREAS, the City of Newport Beach (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 fiscal interest of the City and its
employees to provide an Early Retirement Incentive Plan (ERIP) to eligible employees who
wish to voluntarily exercise their option to separate from City service; and
WHEREAS, the PARS Trust has made available an ERIP /Supplementary
Retirement Plan (SRP), 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, being a member of the PARS Trust, does hereby adopt the
ERIP /PARS Supplementary Retirement Plan, effective December 9, 2009; and
The City Council hereby appoints the Human Resources Director or his /her
successor or his/her designee as the City's Plan Administrator for the
ERIP /PARS Supplementary Retirement Plan; and
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 an
ERIP /PARS supplemental benefit program. In addition, if the City's PARS
Administrator finds that the plan 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.
ADOPTED this 8t' day of December, 2009
Mayor of the City of Newport Beach
ATTEST:
Jk Q
LEILANI BROWN {{
City Clerk of the City of Newport Beach
�4epPN��
STATE OF CALIFORNIA }
COUNTY OF ORANGE }
CITY OF NEWPORT BEACH }
ss.
I, Leilani I. Brown, City Clerk of the City of Newport Beach, California, do hereby
certify that the whole number of members of the City Council is seven; that the foregoing resolution,
being Resolution No. 2009 -90 was duly and regularly introduced before and adopted by the City
Council of said City at a regular meeting of said Council, duly and regularly held on the 8th day of
December, 2009, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Henn, Rosansky, Curry, Webb, Gardner, Daigle, Mayor Selich
Noes: None
Absent: None
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 9th day of December, 2009.
0�1 I Ln�'
City Clerk
Newport Beach, California