HomeMy WebLinkAbout00-61 - Adopting the PARS TrustRESOLUTION NO. 00-61
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, ADOPTING THE PUBLIC
AGENCY RETIREMENT SYSTEM (PARS) TRUST.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE
AS FOLLOWS:
WHEREAS, the City Council of the City of Costa Mesa has determined that it is
in the City's and its employees' best interests to provide a Qualifying Retirement
System for all its employees not currently eligible for such a Qualifying Retirement
System, 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
(IRC); and
WHEREAS, the City is eligible to be a member of the Public Agency Retirement
System (PARS) Trust, which has made PARS available to the City and its eligible
employees and qualifies under California Government Code Sections 53215-53224
and 20000, 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;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Costa
Mesa, California,
1. Hereby adopts the PARS Trust, including the PARS Alternate Retirement
System (ARS), effective July 30, 2000, the effective date for the benefit of employees
on that date and hired thereafter; and
e
2. Hereby appoints the Director of Finance, his/her successor, or his/her
designee as the City's Plan Administrator for the Public Agency Retirement System;
and
3. Hereby authorizes the City's Plan Administrator to implement the plan(s);
execute the PARS legal documents on behalf of the City; 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 which are required to
administer the City's PARS plan(s).
PASSED AND ADOPTED this 17th day of July, 2000
ATTEST:
Deputy City Clerk of the of Costa Nkis
Cr-)"&.jCD
Mayor of th City of Costa Mesa
APPROVED AS TO FORM
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/.,,, CITY ATroANEY
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council
of the City of Costa Mesa, hereby certify that the above and foregoing
Resolution No. 00-61 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof, held on the 17th day of July, 2000, by the
following roll call vote:
AYES: Monahan, Cowan, Erickson, Somers, Dixon
NOES: None
ABSENT: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of
the City of Costa Mesa this 18th day of July, 2000.
De uty City Clerk and -officio Cler o
the City Council of the Cjty of Costa Mesa