HomeMy WebLinkAbout2001-8 - Reconfirming City Participation in the PARS Supplemental Retirement Plan Administration by Phase II Systems PARS Trust AdministratorRESOLUTION NO 2001 8
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
RECONFIRMING CITY PARTICIPATION IN THE PARS SUPPLEMENTAL RETIREMENT
PLAN ADMINISTERED BY PHASE II SYSTEMS PARS TRUST ADMINISTRATOR
WHEREAS it is determined to be in the best interest of the City of Newport Beach
( CITY") to continue participation in the Public Agency Retirement System (PARS)
Supplemental Retirement Plan to provide retirement benefits for its employees and their
beneficiaries and
WHEREAS the CITY is currently a member of PARS which provides to its employees a
governmental plan qualifying under relevant sections of the Internal Revenue Code and the
California Government Code and
WHEREAS the CITY has no objection to leave settlement and other lump sums due
employees at the time they leave City employment from being deposited to a PARS
Supplemental Retirement Plan so long as such action is requested and authorized by the
employee and is in compliance with all applicable laws and IRS rulings
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Newport
Beach does hereby resolve order and determine as follows
Section 1 The CITY COUNCIL does hereby re confirm the PARS Supplementary
Retirement Plan (SRP) for City employees effective January 1 2001
Section 2 The CITY COUNCIL hereby appoints the Administrative Services Director as
CITY Administrator for PARS and further authorizes him /her to take whatever additional actions
are necessary to maintain the participation of the CITY in PARS and to maintain the City s
compliance with relevant regulations issued or as may be issued by the Federal or State
government or agencies The actions of the Administrative Services Director in this capacity
shall be reviewed and approved by the City Manager as the City Manager deems appropriate
Section 3 The CITY s PARS Administrator is hereby authorized to execute the PARS
legal documents on behalf of the CITY to implement a supplemental plan to CalPERS
Section 4 All the recitals in this Resolution are true and correct and this City Council so
finds determines and represents
ADOPTED this 13T" day of February 2001
ATTEST
City Clerk
Mayor
STATE OF CALIFORNIA }
COUNTI OH ORANGE } ss
CI rY OF NEWPORT BEACH }
I I Av ONNE M HARKLESS Cay 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 \o 2001 8 was duly and regularly introduced before and adopted by the
City Council of said Cay at a regular meeting of said Council duly and regularly held on the 13th
day of February 2001 and that the same was so passed and adopted by the following vote to wit
Ayes Heffernan O Neil Ridgeway Glover Bromberg Proctor Mayor Adams
Noes None
Absent None
Abstain None
I\ WITNESS IAHEREOF I have hereunto subscribed my name and affixed the
official seal of said Crtv this 14th day of Februan 2001
(Seal)
City Clerk
Newport Beach California