HomeMy Public PortalAboutResolution 97-36431
1
1
RESOLUTION NO. 97 -3643
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE
CITY ADOPTING THE CALIFORNIA PUBLIC AGENCY RETIREMENT
SYSTEM (PARS) 401(a) DEFERRED COMPENSATION PLAN
WHEREAS, it is determined to be in the best interest of the City of Temple City ( "CITY") and
its employees to provide a Qualifying Retirement System to all employees not currently eligible for such
a Qaulifying Retirement System, thereby meeting the requirements of Section 11332 of the Omnibus
Budget Reconciliation Act and Section 312(b) (7)(F) of the Internal Revenue Code; and
WHEREAS, the Public Agency Retirement System (PARS), a governmental plan, has made such
a System available to the CITY and its eligible employees, and qualifies under California Government Code
Sec. 20,000, Section 11332 of the 1990 Omnibus Budget Reconciliation Act (OBRA 90), 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 Temple City
resolves that:
SECTION 1. The COUNCIL does hereby adopt the PARS Trust, including the PARS Alternate
Retirement System (ARS), effective October 11, 1997, the effective date for the benefit of employees on
that date and hired thereafter; and
SECTION 2. The COUNCIL hereby appoints the Senior Management Assistant, of the designee
of the Senior Management Assistant, as Plan Administrator for PARS, and further authorizes him to
implement the Plan.
SECTION 3. The CITY's Plan Administrator for PARS is hereby authorized to execute the
PARS Adoption Agreement on behalf of the CITY and to take whatever additional actions that are
necessary . to maintain the participation of the CITY in PARS and to maintain PARS compliance with
Section 11332 fo the Act and relevant regulations issued or as may be issued.
SECTION 4. The City Clerk shall certify to the passage and adoption of this resolution.
PASSED, APPROVED, AND ADOPTED on this 18th day of November, 1997.
ATTEST:
y Clerk
Resolution No. 97 -3643
Page 2
I, City Clerk of the City of Temple City, hereby certify that the foregoing resolution, Resolution
No. 97 -3643, was adopted by the City Council of the City of Temple City at a regular meeting held on the
18th day of November 1997, by the following vote:
AYES: Councilman - Breazeal, Brook, Wilson, Gillanders, Souder
NOES: Councilman-None
ABSENT: Councilman-None
1
1
1