HomeMy WebLinkAboutCC Res 5932 2009-11-09RESOLUTION NUMBER 5932
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH, CALIFORNIA AMENDING THE PLAN AGREEMENT
AND ADMINISTRATIVE SERVICES AGREEMENT WITH PUBLIC
AGENCY RETIREMENT SERVICES (PARS)
WHEREAS, the City of Seal Beach adopted Resolution No. 4278 in 1993
in conjunction with the PARS Trust Agreement (Trust) with PARS, as Trust
Administrator to the Trust to provide administrative services on ; and
WHEREAS, it is necessary to amend and restate the terms of the original
agreement to provide administrative services and clarify certain terms and
conditions thereof; and
WHEREAS, the City has the right to amend the Plan in accordance with
Section 8.3 of the Plan; and
WHEREAS, the City deems it to be in the best interest of the City and the
Plan to amend the Plan to comply with the final Regulations under Section 415
of the Internal Revenue Code; and
WHEREAS, the City has designated the City Manager to act on its behalf
in all matters relating to the Plan pursuant to the PARS Trust Program ( "Plan
Administrator "); and
WHEREAS, the City has the power to delegate certain duties related to
the Plan, and PARS accepts those duties pursuant to the terms contained in this
Agreement, and that this Agreement represents the entire delegation of duties to
PARS from the City with regards to the Plan; and
WHEREAS, PARS accepts the terms of this Agreement with the
understanding by the City and Plan Administrator that PARS does not hold
custody of any assets of the Plan, and does not have any independent authority
or discretion for the investment, distribution or escheatment of Plan assets
without the express consent of, and direction from, the Plan Administrator.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH
DOES HEREBY RESOLVE:
Section 1. Appendix A of the Plan is hereby amended to comply with the
final Regulations under Section 415 of the Internal Revenue Code;
Section 2. Appendix A, Section A.2 (d) shall be deleted from the Plan;
Section 3. PARS will provide the services pertaining to the Plan as
described in Exhibit 1A in a timely manner, subject to the further provisions of the
Administrative Services Agreement;
Section 4. PARS will be compensated for performance of the Services as
described in the exhibit attached hereto as Exhibit 1 B.
1
D
Resolution Number 5932
PASSED, APPROVED and ADOPTED by the City Council of the City of Seal
Beach at a regular meeting held on the 9th day of November , 2009 by the
following vote:
AYES: Council Members
NOES: Council Members c P
ABSENT: Council Members
ABSTAIN: Council Members
5. ON = --r"
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, City Clerk of the City of Seal Beach, do hereby certify that the
foregoing resolution is the original copy of Resolution Number 5932 on file in
the office of the City Clerk, passed, approved, and adopted by the City Council at
a regular meeting held on the 9th day of November , 2009.
ff JAIU�
4 ultyclew
1