HomeMy WebLinkAbout2000-36 - PARS Trust AgreementResolution No. 2000- 36
• A RESOLUTION OF THE CITY COUNCIL OF THE City
OF NEWPORT BEACH APPROVING THE PLAN ADMINISTRATOR
FOR THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS) AND ADOPTING THE
PARS TRUST AGREEMENT AS AMENDED
WHEREAS, the City is a member of the Public Agency Retirement
System(PARS) for the purpose of providing tax qualified retirement benefits; and
WHEREAS, the City provides a Qualifying Retirement System for its employees,
thereby meeting the requirements of Section 11332 of the Omnibus Budget
Reconciliation Act (OBRA 90) and Section 3121(b)(7)(F) of the Internal Revenue Code
(RC); and
WHEREAS, PARS, a government trust, has been adopted by the City, which
qualifies under California Government Code Section 53.00 and 20.00, OBRA 90 Section
11332, IRC Sections 3121(b)(7)(F) and 401(a), and meets the meaning of the term
"retirement system" as given by Section 218(b)(4) of the Federal Social Security Act;
and
WHEREAS, the City has also made available the following retirement
incentive(s): PARS 1993 Supplement to PERS and PARS 1995 Supplement to PERS,
• qualifying under the relevant sections of the Internal Revenue Code and the California
Government Code; and
•
WHEREAS, the City is a member of the PARS Trust;
NOW THEREFORE, be it resolved that:
1, The City Council hereby adopts the Amended and Restated PARS Trust
Agreement effective May 9, 2000; and
2. The City Council hereby appoints the Assistant City Manager, or
his /her successor or his /her designee as the City's Plan Administrator for the
Public Agency Retirement System; and
3. The City's Plan Administrator is hereby authorized to execute the PARS
legal documents on behalf of the City and to take whatever additional actions
are necessary to maintain the City's participation in PARS and to maintain PARS
compliance of any relevant regulation issued or as may be issued; therefore,
authorizing him /her to take whatever additional actions are required to administer
STATE OF CALIFORNIA }
• COUNTY OF ORANGE
CITY OF NEWPORT BEACH }
I, LAVONNE M. HARKLESS, City 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 No. 2000 -36 was duly and regularly introduced before and adopted by
the City Council of said City at a regular meeting of said Council, duly and regularly held on the 9th
day of May, 2000, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Thomson, Glover, Adams, Debay, Ridgeway, O'Neil, Mayor Noyes
Noes: None
Absent: None
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
• official seal of said City this 10th day of May, 2000.
(Seal)
City Clerk
Newport Beach, California