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RESOLUTION NO 2001 8 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH <br />RECONFIRMING CITY PARTICIPATION IN THE PARS SUPPLEMENTAL RETIREMENT <br />PLAN ADMINISTERED BY PHASE II SYSTEMS PARS TRUST ADMINISTRATOR <br />WHEREAS it is determined to be in the best interest of the City of Newport Beach <br />( CITY") to continue participation in the Public Agency Retirement System (PARS) <br />Supplemental Retirement Plan to provide retirement benefits for its employees and their <br />beneficiaries and <br />WHEREAS the CITY is currently a member of PARS which provides to its employees a <br />governmental plan qualifying under relevant sections of the Internal Revenue Code and the <br />California Government Code and <br />WHEREAS the CITY has no objection to leave settlement and other lump sums due <br />employees at the time they leave City employment from being deposited to a PARS <br />Supplemental Retirement Plan so long as such action is requested and authorized by the <br />employee and is in compliance with all applicable laws and IRS rulings <br />NOW THEREFORE BE IT RESOLVED that the City Council of the City of Newport <br />Beach does hereby resolve order and determine as follows <br />Section 1 The CITY COUNCIL does hereby re confirm the PARS Supplementary <br />Retirement Plan (SRP) for City employees effective January 1 2001 <br />Section 2 The CITY COUNCIL hereby appoints the Administrative Services Director as <br />CITY Administrator for PARS and further authorizes him /her to take whatever additional actions <br />are necessary to maintain the participation of the CITY in PARS and to maintain the City s <br />compliance with relevant regulations issued or as may be issued by the Federal or State <br />government or agencies The actions of the Administrative Services Director in this capacity <br />shall be reviewed and approved by the City Manager as the City Manager deems appropriate <br />Section 3 The CITY s PARS Administrator is hereby authorized to execute the PARS <br />legal documents on behalf of the CITY to implement a supplemental plan to CalPERS <br />Section 4 All the recitals in this Resolution are true and correct and this City Council so <br />finds determines and represents <br />ADOPTED this 13T" day of February 2001 <br />ATTEST <br />City Clerk <br />Mayor <br />