HomeMy Public PortalAboutResolution 97-36381
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RESOLUTION NO. 97 -3638
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE
CITY APPROVING ADOPTION OF THE CALIFORNIA PUBLIC
AGENCY RETIREMENT SYSTEM (PARS) DEFERRED
COMPENSATION PLAN
WHEREAS, the City of . Temple City ( "CITY") participates in the Great Western Alternate
Retirement Plan (the "PLAN "), a plan which meets the requirements of Section 457 of the Internal
Revenue Code, for the benefit of eligible employees; and
WHEREAS, the City of Temple City has determined that it is in the best interests of these
employees, their beneficiaries and the CITY that the CITY cease contributions to the Great Western
Alternate Retirement Plan effective October 11, 1997; and
WHEREAS, the CITY has determined that an irrevocable grantor trust shall be established to
hold assets to provide the benefits such employees shall be entitled to based on the provisions of the PLAN
as of October 11, 1997; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Temple City
resolves that:
SECTION 1. Assets equal to the amount required to pay the benefits earned by employees based
upon their participation in the PLAN as of October 11, 1997, shall be transferred to a Section 457 Trust
grantor trust to be established, such trust to be known as the PARS Benefit Trust FBO City of Temple
City Section 457 Trust Alternative Retirement Plan dated October 11, 1997 ( "TRUST "); and
SECTION 2. The Senior Management Assistant or the designee of the Senior Management
Assistant is hereby appointed Plan Administrator for the TRUST.
SECTION 3. The Plan Administrator is hereby authorized to execute the Trust document.
SECTION 4. The Plan Administrator is authorized to take whatever additional actions are
necessary to effectuate the intent of this resolution.
SECTION 5. The City Clerk shall certify to the passage and adoption of this resolution.
PASSED, APPROVED, AND ADOPTED on this 7th day of October, 1997.
ATTEST:
l�lli/t�C.• 4;At7,
City'Cier -
Resolution No. 97 -3638
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I, City Clerk of the City of Temple City, hereby certify that the foregoing resolution, Resolution
No. 97 -3638, was adopted by the City Council of the City of Temple City at a regular meeting held on the
7th day of October 1997, by the following vote:
AYES: Councilman - Breazeal, Brook, Wilson, Gillanders, Souder
NOES: Councilman -None
ABSENT: Councilman -None
041,01--
r i I
(City Clerk
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