HomeMy Public PortalAboutResolution 09-46381
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RESOLUTION NO. 09 -4638
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE CITY
APPROVING AN IRS REQUIRED AMENDMENT AND RESTATEMENT OF
THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS) ALTERNATE
RETIREMENT SYSTEM (ARS) RETIREMENT PLAN, AND MODIFICATION OF
THE PLAN AGREEMENT AND TERMS.
WHEREAS, City of Temple City (the "Agency ") has previously adopted the City of Temple City
PARS Alternate Retirement System (the "Plan "); and,
WHEREAS, the Agency has the right to amend that Plan in accordance with Section 8.3 of the
Plan; and
WHEREAS, the Agency is now required by the Internal Revenue Service to amend and restate
its qualified (Social Security alternative) retirement plan every six years; and
WHEREAS, the Agency's plan is on a six year cycle, and is now up for restatement; and
WHEREAS, the restated and modified Plan also contains the following:
• No change to the current term of the agreement,
• The addition of a 2% annual cost of living adjustment to the PARS minimum annual
monthly fee of $300 starting July 1, 2010, and
• An increase from $12 to $20 of the Distribution fee charged against a participant's
account upon termination.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TEMPLE CITY DOES HEREBY RESOLVE
AND APPROVE THE FOLLOWING:
SECTION 1. The attached Public Agency Retirement System "Alternate Retirement System"
Amended and Restated Plan documents, effective January 1, 2002, and
SECTION 2. The attached Public Agency Retirement System "AMENDED AND RESTATED
AGREEMENT FOR ADMINISTRATIVE SERVICES." and
SECTION 3. The Agency's Plan submission to the IRS for a letter of determination, approving
the Plan as a qualified Alternative to Social Security.
PASSED, APPROVED AND ADOPTED on this 20th day of October 2009.
ATTEST:
City Clerk
City of Temple City
Resolution No. 05 -4338
Section 3 (ATTACHMENT)
October 20, 2009
I, City Clerk of the City of Temple City, do hereby certify that the foregoing resolution, Resolution
No. 09 -4638, was duly passed, approved and adopted at a regular meeting of the City Council of the City
of Temple City held on the 20th day of October 2009 by the following vote:
AYES: Councilmember- Chavez, Sternquist, Wong, Yu, Vizcarra
NOES: Councilmember -None
ABSENT: Councilmember -None
ABSTAIN: Councilmember -None
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City Clerk
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ATTACHMENTS: 1) PARS "Alternate Retirement System" Amended and Restated Plan, effective 1/1/02,
2) PARS "Amended and Restated Agreement for Administrative Services"
3) Request for IRS Letter of Determination
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