HomeMy WebLinkAboutRES NO 103-06
10S-06
RESOLUTION OF THE CITY COUNCIL FOR THE CITY OF BAKERSFIELD
FOR ADOPTION OF THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS)
457 TRUST, INCLUDING THE PARS SECTION 457 FICA ALTERNATIVE
RETIREMENT PLAN FOR CITY EMPLOYEES NOT CURRENTLY ELIGIBLE
FOR A QUALIFYING RETIREMENT SYSTEM
Name of Employer: City of Bakersfield
State: California
Resolution of the City of Bakersfield (Employer):
WHEREAS it is to be detennined to be in the City's best interest and its employees to
provide a Qualifying Retirement System for all its employees not currently eligible for
such a Qualifying Retirement System ("Deferred Compensation FICA Alternative Plan"),
thereby meeting the requirements of Section 11332 of the Omnibus Budget
Reconciliation Act (OBRA 90) and Section 3121(b)(7)(F) of the Internal Revenue Code
(IRC),
WHEREAS the Public Agency Retirement System (PARS) has made such a system
available to the City and its eligible employees and qualifies under OBRA 90 Section
11332, IRC Sections 3121(b)(7)(F) and 457(b), and meets the meaning of the tenn
"retirement system" as given by Section 218(b)(4) of the Federal Social Security Act.
NOW THEREFORE, BE IT RESOL VED THAT:
1. The City Council hereby adopts the PARS 457 Trust, including the PARS
Section 457 FICA Alternative Retirement Plan, effective May 15, 2006, the
Effective Date for the benefit of employees on that date and hired thereafter;
and
2. The City Council hereby appoints the FINANCE DIRECTOR or his/her
successor or hislher designee as the City's Plan Administrator for the Public
Agency Retirement System; and
3. The City's Plan Administrator is hereby authorized to implement the plan(s),
execute the PARS legal 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 himlher to take whatever additional actions
are required to administer the City's PARS plane s)
BE IT FURTHER RESOLVED, that the Finance Director shall be the coordinator and
contact for the Plan and shall receive necessary reports, notices, etc.
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of
the City of Bakersfield at a regular meeting thereof held on APR 2 6 2006 , by the
following vote:
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NOES:
ABSTAIN:
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COUNCILMEMBER:
COUNCILMEMBER:
COUNCILMEMBER:
COUNCILMEMBER:
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CARSON, BENHAM. MAGGARD, COUCH, HANSON, SULLIVAN, SCRIVNER
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CITY CLERK and EX OFFICIO
the Council of the City of Bake
HARVEY L. HALL
MAYOR of the City of Bakersfield
APPROVED as to form:
~,/bLir ,
GINIA GENNARO
CITY ATTORNEY of the City of Bakersfield
S:IResolutionlRes 078-06 Amend 1.DOC
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