CC Resolution 10342
RESOLUTION NO.
10342
A RESOLUTION ESTABLISHING THE PARS BENEFIT TRUST, INCLUDING THE PARS SECTION 457
FICA ALTERNATIVE RETIREMENT PLAN FOR THE BENEFIT OF EMPLOYEES NOT CURRENTLY
ELIGIBLE FOR SUCH A QUALIFYING RETIREMENT PLAN
WHEREAS, it is to be determined to be in the City's best interest and its employees to provide a
Qualifying Retirement System ("Deferred Compensation FICA Alternative Plan") for all of the City's
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). r
WHEREAS, the City is eligible to be a member of the Public Agency Retirement System (PARS)
Trust, which has made such a System 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 457; 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 Campbell hereby
adopt the PARS Benefit Trust, including the PARS Section 457 FICA Alternative Retirement Plan,
effective July 1, 2004 - the effective date for the benefit of employees on that date and hired thereafter;
and
RESOLVED that the City Council of the City of Campbell hereby appoint the Human Resources
Manager, or his/her successor or his/her designee, as the City's Plan Administrator for the PARS 457
FICA Alternative Retirement Plan; and
RESOLVED that the City of Campbell's Plan Administrator is hereby authorized to implement the
plan(s) 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 the City's PARS plan(s).
PASSED AND ADOPTED this 1st day of
June
,2004 by the following roll call vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
Furtado. Watson. Dean. Kennedy. Burr
None
None
APPROVED:
;-~~~~
Donald Burr, Mayor
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ATTEST:
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