Resolution - 2012-87RESOLUTION NO.2012-87
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA AUTHORIZING THE AMENDMENT OF THE PUBLIC
AGENCY RETIREMENT SYSTEM (PARS) SUPPLEMENTAL
RETIREMENT PLAN FOR CITY COUNCIL, AND EXECUTIVE
EMPLOYEES
WHEREAS it was 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 adopted a Retirement Enhancement Plan for eligible City Council
and Executive Employees on November 6, 2007;
WHEREAS the City wishes to amend the current Retirement Enhancement Plan to
include the City Manager pursuant to the terms of the City Manager's employment agreement;
WHEREAS the City pursuant to California Government Code Section 7507 has had an
actuarial report prepared and certified by an enrolled actuary that determined the future annual
costs and accrued liability of the plan amendment, and placed on file with the City Clerk, and
reported this action to the City Council on October 16, 2012;
WHEREAS the City is currently an eligible member of the Public Agency Retirement
System (PARS) Trust, which has made available a 401(a) defined benefit Retirement
Enhancement Plan supplementing CalPERS 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 amends the PARS Retirement Enhancement Plan
for City Council and Executive Employees to include the City Manager, effective December 1,
2012; and
SECTION 2. The City's PARS Plan Administrator is hereby authorized to execute the
necessary PARS legal and administrative service documents on behalf of the City to implement
this plan amendment.
APPROVED AND ADOPTED THIS 24th day of November 2012.
AT T: May 5r Michael Touhey
City Clerk Laurie Carri o
I, LAURIE CARRICO,'CITY CLERK of the City of West Covina, California, 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 held thereof on the 20th day of November 2012 by the following
vote of the City Council:
AYES: Herfert, Sanderson, Sotelo, Sykes, Touhey
NOES: None
+6 �
ABSENT: None T
ABSTAIN: None +.
APPROVED AS TO FORM: City Clerk Laurie Carrico
lityy 4Attornrnold Alvarez-Glasman