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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