HomeMy WebLinkAbout2012-88 - Adopting Qualified Defined Contribution Plan with PARSRESOLUTION NO. 2012 -88
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
ADOPTING A QUALIFIED DEFINED CONTRIBUTION PLAN WITH THE PUBLIC
AGENCY RETIREMENT SYSTEM (PARS TRUST)
WHEREAS, the City of Newport Beach ( "City') is a member of the Public Agency
Retirement Services (PARS Trust) for the purpose of providing tax qualified retirement
benefits; and
WHEREAS, it is determined to be in the best interest of the City and its
employees to provide a Defined Contribution Plan to eligible employees; and
WHEREAS, the PARS Trust has made available a Defined Contribution Plan
qualifying under relevant sections of the Internal Revenue Code and the California
Government Code.
NOW, THEREFORE, the City Council of the City of Newport Beach does hereby
RESOLVE as follows:
Section 1. The City Council, being a member of the PARS Trust, does
hereby adopt the PARS Defined Contribution Plan, as part of the City's retirement
program for eligible employees, effective December 1, 2012.
Section 2. The City Council hereby appoints PARS as a Trust
Administrator, U.S. Bank National Association, as Trustee, and John Hancock Life
Insurance Company as Custodian /Record keeper for the PARS Defined Contribution
Plan.
Section 3. The City Council hereby appoints the Human Resources
Director, or his /her successor designee, as the City's Plan Administrator for the Public
Agency Retirement System.
Section 4. The City's Plan Administrator is hereby authorized to execute
the PARS legal and administrative documents on the 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).
Adopted this 25`� day of September, 2012.
In
Nancy Gardne�,Alayor of the City of Newport Beach
ATTEST:
A,' 1 ��A^�
V�WV��(� I�VV°Y`
City Clerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss.
CITY OF NEWPORT BEACH }
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. 2012 -88 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 25t' day of September, 2012, and that the
same was so passed and adopted by the following vote, to wit:
Ayes: Hill, Rosansky, Curry, Selich, Henn, Daigle, Mayor Gardner
Noes: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the official seal of
said City this 2e day of September, 2012.
4- N�t=-
City Clerk
Newport Beach, California
(Seal)