HomeMy WebLinkAbout2011-091 - Appointing Pars as Trust Adminstrator of the Plan and Union Bank as Trustee of the PlanJxs (11/28/1 ? )
RESOLUTION NO. 201 1-091
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE AMENDMENT AND
RESTATEMENT OF ITS EXISTING CITY OF SANTA ANA
3121 PART-TIME SOCIAL SECURITY RETIREMENT
PLAN; TERMINATING THE CITY'S RELATIONSHIP WITH
GREAT WEST RETIREMENT SERVICES FOR
ADMINISTRATIVE AND INVESTMENT SERVICES; AND
APPOINTING PARS AS TRUST ADMINISTRATOR OF THE
PLAN AND UNION BANK AS TRUSTEE OF THE PLAN
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana finds determines and
declares as follows:
A_ WHEREAS it was determined to be in the City's best interest and its
employees to adopt the City of Santa Ana 3121 Part-Time Social Security
Retirement Plan ("the 3121 Plan"), an Alternative to Social Security Plan,
administered by Great West Retirement Services, for its employees not
eligible for membership in the California Public Employees' Retirement
System ("CaIPERS")_
B_ WHEREAS the City desires to terminate its relationship with Great West
Retirement Services for administrative and investment services related to
the 3121 Plan effective December 19, 201 1 , or as soon as administratively
feasible.
C_ WHEREAS Public Agency Retirement Services ("PARS") has made a
Part-Time Social Security 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.
D. WHEREAS the City desires to amend and restate its current 3121 Plan
and desires to appoint PARS as Trust Administrator and Record keeper
and Union Bank as Trustee for the amended and restated City of Santa
Ana 3121 Part-Time Social Security Alternative Retirement Plan effective
December 19, 2011.
Resolution No. 20'I ?-09'I
Page 1 of 3
Section 2. NOW THEREFORE, BE IT RESOLVED THAT:
A. The City Council of the City of Santa Ana, pursuant to the City's authority
to amend the existing plan, does hereby adopt the City of Santa Ana 3121
Part-Time Social Security Alternative Retirement Plan (the "Plan") and
Trust as the City's alternate to Social Security plan, replacing the existing
3121 Plan in full, effective December 19, 201 1 ;
B. The City Council hereby appoints PARS as Trust Administrator and
Record keeper and Union Bank as Trustee for the Plan effective December
19, 201 1 ;
C. The City Council hereby terminates Great West Retirement Services as
Trust Administrator and Record keeper effective December 19, 201 1 ;
D. The City Council hereby authorizes the liquidation and transfer of plan
assets to Union Bank as soon as administratively feasible pursuant to the
terms and conditions of the Great West Retirement Services Guaranteed
Certificate Fund/Daily Interest Guaranteed Fund II;
E. The City Council hereby appoints the Executive Director of Finance and
Management Services, or his/her successor or his/her designee as the
City's Plan Administrator for the Plan;
F. 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.
Section 3. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
ADOPTED this 19t" day of December 201 1 .
el A. Pu 'do
ayor
Resolution No. 2011-091
Page 2 of 3
Jxs (11/28/11)
APPROVED AS TO FORM:
Joseph Straka, Interim City Attorney
By:
Jos andoval
Chi Assistant City Attorney
YES: Councilmembers: Alvarez. Benavides. Bustamante. Martinez. Pulido
Tinaiero. Sarmiento (7)
NOES: Councilmembers: None (O)
ABSTAIN: Councilmembers: None (O)
NOT PRESENT: Councilmembers: None (O)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, Maria D. Huizar, Clerk of the Council, do hereby attest to and certify that the attached
Resolution No. 2011-091 to be the original resolution adopted by the City Council of the
City of Santa Ana on December 19, 201 1 .
Date: /????Li z__
Clerk of the Council
City of Santa Ana
Resolution No. 20'11-09't
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