HomeMy WebLinkAbout91-106 - Public Agency Retirement System PARSRESOLUTION NO. 91 -106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH APPROVING PARTICIPATION IN
THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS).
WHEREAS, it is determined to be in the best interest of the
• City of Newport Beach and its employees to provide a qualified
retirement system to all part -time employees, thereby meeting the
requirements of Section 11332 of the Social Security Act; and
WHEREAS, an alternative qualified defined contribution pension
plan entitled Public Agency Retirement System (PARS) is designed
for California Public Agencies; and
WHEREAS, the Public Agency Retirement System (PARS) qualifies
as a retirement plan in place of Social Security coverage.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Newport Beach does hereby resolve, determine and order as
follows:
1. Adoption of the PARS pension plan effective January
1, 1992; and
2. The Director of Personnel is hereby appointed as the
Plan Administrator; and
3. The Plan Administrator is hereby authorized to
execute adoption, agreement and administration agreement and
other necessary actions to maintain the participation and
compliance with Section 11332 of the Social Security Act and
the relevant regulations issued or as may be issued.
ADOPTED, this 12th day of November , 1991
MAYOR
gr /resol /ret irwt. res