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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