HomeMy WebLinkAboutCC RES 12-53RESOLUTION NO. 12 -53
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WHEREAS, it is determined to be in the best interest of the City of Tustin (the
"City ") and its employees to provide a retirement incentive offer to eligible employees
who wish to voluntary exercise their option to separate from City service; and
WHEREAS, the City is eligible to be a member of the Public Agency Retirement
System (PARS) Trust, which has made available a Supplementary Retirement Plan
(SRP), supplementing the California Public Employees' Retirement System (CaIPERS)
plan and qualifying under the relevant sections of the Internal Revenue Code and the
California Government Code:
The City Council hereby adopts the PARS Trust, including the PARS
Supplementary Retirement Plan, as part of the City's Retirement Program,
effective June 5, 2012.
I1. In order for the City to reach stated fiscal and operational objectives, a minimum
savings must be achieved. If this minimum is not reached, the City may withdraw
the retirement incentive. If the City withdraws the retirement incentive,
resignations will be rescinded.
III. The City Council hereby appoints the City Manager, or his successor or
designee, as the City's Plan Administrator for the PARS Supplementary
Retirement Plan.
IV. The City's Plan Administrator is hereby authorized to execute the PARS legal
and administrative 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 to take whatever additional actions are required
to administer the City's PARS plan(s). In addition, if the City's Plan Administrator
finds that the PARS supplemental plan benefit must be limited under Section 415
of Internal Revenue Code, then the Plan Administrator will implement
replacement benefit programs at no additional cost to the City.
Resolution 12 -53
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PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Tustin held on the Stn day of June 2012.
JOHN,WELSEN,
Mayor
ATTEST:
PAMELA StOKER;'!""'
City Clerk
STATE OF CALIFORNIA ) N
COUNTY OF ORANGE Ss
CITY OF TUSTIN
1, Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council of
the City of Tustin is five; that the above and foregoing Resolution No. 12-53 was duly
passed and adopted at a regular meeting of the Tustin City Council, held on the 5t" day of
June 2012, by the following vote:
COUNCILMEMBER AYES: Nielsen, Murray, Amante, Gavello, Gomez (5)
COUNCILMEMBER NOES: None (0)
COUNCILMEMBER ABSTAINED: None (0)
COUNCILMEMBER ABSENT: None (0)