HomeMy Public PortalAboutResolution 09-4639 Amendment to Public Agency Reitrement System (PARS)1
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RESOLUTION NO. 09 -4639
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE
CITY APPROVING AN AMENDMENT TO THE PUBLIC AGENCY
RETIREMENT SYSTEM (PARS)
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 deems it to be in best interest of the Agency and the Plan to amend the
Plan to comply with the final Regulations under Section 415 of the Internal Revenue Code.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TEMPLE CITY DOES HEREBY
RESOLVE, that Appendix A of the Plan is hereby amended to comply with the final Regulations under
Section 415 of the Internal Revenue Code as follows:
SECTION 1. The definition of "Section 415 Compensation" is amended as follows, effective as of
July 1, 2009:
"Section 415 Compensation" shall mean a Participant's wages within the meaning of Code
Section 340 (a) and all other payments of compensation to the Participant by the Employer (in the course
of the Employer's business) for which the Employer is required to provide the Participant a written
statement under Code Sections 6041(d), 6051(a)(3) and 6052. Section 415 Compensation shall be
determined without regard to any rules under Code Section 3401(a) that limit the remuneration included
in wages based on the nature or location of the employment or the services performed. Compensation
for any limitation year is the compensation actually paid or includible in gross income during such year.
Effective January 1, 1998, "Section 415 Compensation" shall include elective deferrals as defined in
Section 402(g)(3) of the Code and any amount which is contributed or deferred by the Employer at the
election of an Employee and which is not includible in the gross income of the Employee by reason of
Code Section 125, 132(f)(4) or 457. "Section 415 Compensation" does not include any amounts paid
following a severance from employment, except amounts paid or includible in gross income by the later of
2 -1/2 months after a severance from employment or the end of the Plan Year that includes the severance
from employment shall be if, absent the severance from employment, such compensation would have
been paid to the Participant while the Participant continued in employment with the Employer, and such
payments represent regular compensation for services during the Participant's regular working hours (or
compensation for services outside the Participant's regular working hours, such as overtime or shift
differential), commissions, bonuses or similar compensation.
SECTION 2. Appendix A, Section A.2 (d) shall be deleted from the Plan.
PASSED, APPROVED AND ADOPTED on this 20th day of October 2009.
ATTEST:
City Clerk
City of Temple City
Resolution No. 05 -4339
October 20, 2009
Page 2 of 2
I, City Clerk of the City of Temple City, do hereby certify that the foregoing resolution, Resolution
No. 09 -4639, 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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