Resolution - 2007-79RESOLUTION NO.2007-79
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA AUTHORIZING THE ESTABLISHMENT OF A PUBLIC
AGENCY RETIREMENT SYSTEM (PARS) SUPPLEMENTAL
• RETIREMENT PLAN FOR EXECUTIVE STAFF AND CITY COUNCIL
TO BE ADMINISTERED BY PHASE II SYSTEMS, PARS TRUST
ADMINISTRATOR
WHEREAS it is determined to be in the best interest of the City and its employees to
provide a Retirement Enhancement Program to eligible City Council and Executive employees;
WHEREAS the City pursuant to California Government Code Section 7507 has had an
actuarial report prepared and certified by an enrolled actuary, and placed on file with the City
Clerk, and reported this action to the City Council on November 6, 2007;
WHEREAS the City is eligible to be a member of the Public Agency Retirement
System (PARS) Trust, which has made available a 401(a) defined benefit Retirement
Enhancement Plan supplementing Ca1PERS and qualifying under the relevant sections of the
Internal Revenue Code and the California Government Code.
NOW THEREFORE, the City Council of the City of West Covina does resolve as
follows:
SECTION 1. The City Council, hereby adopts the PARS Trust, including the PARS
Retirement Enhancement Plan for City Council and Executive Employees, as part of the City
Retirement Program, effective November 1, 2007; and
SECTION 2. The City Council hereby appoints the Finance Director, or his/her
successor or his/her designee as the City's Plan Administrator for the Public Agency Retirement
System; and
SECTION 3. The City's PARS Plan Administrator is hereby authorized to execute the
PARS legal and administrative service documents on behalf of the City to implement a PARS
supplemental plan to CaIPERS. In addition, if the City's PARS 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.
APPROVED AND ADOPTED on this 201n day November 2007.
ATTEST:
• City Clerk urie,Carrico
l n.Jv-
Ma ar 6MichDaelIT-0—
ouhey
Resolution No. 2007-79
Page 2
I, LAURIE CARRICO, CITY CLERK of the City of West Covina, do hereby certify that the
foregoing Resolution was duly adopted by the City Council of the City of West Covina,
California, at a regular meeting thereof held on the 20th day of November, 2007.
AYES: Herfert, Hernandez, Lane, Sanderson, Touhey
•NOES: None
ABSENT: None
ABSTAIN: None
1
City Clerk aurie Carrico
APPROVED AS TO FORM:
F
City Attorney Arnd Alvarez-Glasman
0