HomeMy WebLinkAboutRES CC 2010 2909 2010 0519RESOLUTION NO. 2010 -2909
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AUTHORIZING THE
AMENDMENT AND RESTATEMENT OF ITS EXISTING
DEFERRED COMPENSATION PLAN FOR PART -TIME,
SEASONAL, AND TEMPORARY EMPLOYEES (457 PST
PLAN); TERMINATING THE CITY'S RELATIONSHIP WITH
NATIONWIDE RETIREMENT SOLUTIONS, INC. FOR
ADMINISTRATIVE AND INVESTMENT SERVICES;
APPOINTING PUBLIC AGENCY RETIREMENT SERVICES
(PARS) AS TRUST ADMINISTRATOR OF THE PLAN AND
UNION BANK AS TRUSTEE OF THE PLAN AND
RESCINDING RESOLUTION NO. 91 -821
WHEREAS, the City Council of the City of Moorpark, established a Retirement
Plan for certain employees not covered by Public Employees Retirement System on
December 18, 1991 by Resolution No. 91 -821; and
WHEREAS, the City Council has determined that Resolution No. 91 -821 should
be rescinded; and
WHEREAS, it was determined to be in the City's best interest and its employees
to adopt the Nationwide Retirement Solutions, Inc. Deferred Compensation Plan for
Part-time, Seasonal and Temporary Employees ( "457 PST Plan "), an Alternative to
Social Security Plan, for its employees not eligible for membership in the California
Public Employees' Retirement System ( "CalPERS "); and
WHEREAS, the City desires to terminate its relationship with Nationwide
Retirement Solutions, Inc. for administrative and investment services related to the 457
PST Plan and Trust effective June 1, 2010, or as soon as administratively feasible; and
WHEREAS, Public Agency Retirement Services ( "PARS ") has made a 457 FICA
Alternative Retirement Plan available to the City and its employees and qualifies under
California Government Code Sections 53215 -53224 and 20000, OBRA 90 Section
11332, IRC Sections 3121(b)(7)(F) and 457 and meets the meaning of the term
"retirement system" as given by Section 218(b)(4) of the Federal Social Security Act;
and
WHEREAS, the City desires to amend and restated its current 457 PST Plan and
desires to appoint PARS as Trust Administrator and Recordkeeper and Union Bank as
Trustee for the amended and restated City of Moorpark PARS 457 FICA Alternative
Retirement Plan effective May 22, 2010; and
Resolution No. 2010 -2909
Page 2
WHEREAS, the City, in conjunction with amending and restating the 457 PST
Plan, desires to amend the current employer contribution to the Plan from 7.5% of
compensation to an equal employer /employee contribution split of 3.75% of
compensation effective May 22, 2010.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council of the City of Moorpark, pursuant to the City's
authority to amend the existing plan, does hereby adopt the City of Moorpark PARS 457
FICA Alternative Retirement Plan (the "Plan ") and Trust as the City's alternate to Social
Security plan, replacing the existing 457 PST Plan in full, effective May 22, 2010.
SECTION 2. Effective June 1, 2010, the City Council hereby amends the
current City's contribution to the Plan of 7.5% of each eligible employee's compensation
to an equal split of 3.75% of compensation contributed by the City and 3.75% of
compensation contributed by the employee. The employee contributions required under
the Plan shall be made by the City in accordance with Section 414(h) of the Internal
Revenue Code of 1986, as amended.
SECTION 3. Resolution No. 91 -821 is rescinded upon enactment of the new
resolution.
SECTION 4. The City Council hereby appoints PARS as Trust Administrator
and Recordkeeper and Union Bank as Trustee for the Plan effective May 22, 2010.
SECTION 5. The City Council hereby terminates Nationwide Retirement
Solutions as Trust Administrator and Recordkeeper effective May 22, 2010
SECTION 6. The City Council hereby authorizes the transfer of plan assets to
Union Bank as soon as administratively feasible
SECTION 7. The City Council hereby appoints the City Manager, or his /her
successor or his /her designee as the City's Plan Administrator for the Plan.
SECTION 8. The City's Plan Administrator is hereby authorized to implement
the Plan, 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 compliance of any relevant regulation issued or as may be issued; therefore,
authorizing him /her to take whatever additional actions are required to administer the
City's PARS Plan.
Resolution No. 2010 -2909
Page 3
SECTION 9. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 19th day of May, 2010.
ATTEST:
Maureen Benson, Assistant City Clerk
Ja ice S. Parvin, Mayor
Resolution No. 2010 -2909
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, Assistant City Clerk of the City of Moorpark, California, do
hereby certify under penalty of perjury that the foregoing Resolution No. 2010 -2909 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the
19th day of May, 2010, and that the same was adopted by the following vote:
AYES:
Councilmembers Millhouse, Van Dam, and Mayor Parvin
NOES:
None
ABSENT:
Councilmember Mikos
ABSTAIN:
Councilmember Pollock
WITNESS my hand and the official seal of said City this 2nd day of June, 2010.
Maureen Benson, Assistant City Clerk
(seal)