Laserfiche WebLink
RESOLUTION 2015 -67R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, ADOPTING THE PUBLIC AGENCY RETIREMENT <br />SYSTEM TRUST ( "PARS "), INCLUDING THE PARS SECTION 457(B) <br />ALTERNATIVE RETIREMENT PLAN; APPROVING AN AGREEMENT <br />FOR ADMINISTRATIVE SERVICES WITH PHASE II SYSTEMS, <br />DOING BUSINESS AS PUBLIC AGENCY RETIREMENT SERVICES; <br />APPOINTING THE CITY MANAGER, OR HIS /HER SUCCESSOR OR <br />HIS /HER DESIGNEE AS THE CITY'S PLAN ADMINISTRATOR FOR <br />THE PARS SECTION 457(B) ALTERNATIVE RETIREMENT <br />PLAN /TRUST; AUTHORIZING THE CITY'S PLAN ADMINISTRATOR <br />TO IMPLEMENT THE PLAN(S), EXECUTE THE PARS LEGAL AND <br />ADMINISTRATIVE DOCUMENTS ON BEHALF OF THE CITY AND TO <br />TAKE WHATEVER ADDITIONAL ACTIONS ARE NECESSARY TO <br />MAINTAIN THE CITY'S PARTICIPATION IN PARS AND TO <br />MAINTAIN PARS COMPLIANCE OF ANY RELEVANT REGULATION <br />ISSUED OR AS MAY BE ISSUED; THEREFORE, AUTHORIZING <br />HIM /HER TO TAKE WHATEVER ADDITIONAL ACTIONS ARE <br />REQUIRED TO_ADMINISTER_THE CITY'S PARS ;_AUTII.ORI1ZING_THE <br />CITY MANAGER OR HIS DESIGNEE TO EXECUTE THE <br />ADMINISTRATIVE SERVICES AGREEMENT ON BEHALF OF THE <br />CITY; AND DECLARING AN EFFECTIVE DATE. <br />1. It has been determined to be in the best interest of the City and its employees to <br />provide a Qualifying Retirement System for City employees not currently eligible for such a <br />Qualifying Retirement System, thereby meeting the requirements of Section 11332 of the <br />Omnibus Budget Reconciliation Act (OBRA 90) and Section 3121(b)(7)(F) of the Internal <br />Revenue Code (IRC). <br />2. The Public Agency Retirement System ( "PARS ") has made such a system <br />available to the City for its eligible employees and this system qualifies under OBRA 90 Section <br />11332, IRC Sections 3121(b)(7)(F) and 457(b), and meets the meaning of the term "retirement <br />system" as given by Section 218(b)(4) of the Federal Social Security Act. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The PARS Trust, including the PARS Section 457(b) Alternative <br />Retirement Plan, which is effective October 1, 2015 (the Effective Date) for this employee <br />benefit for employees employed on that date and hired thereafter. <br />PART 2. The attached Agreement for Administrative Services with Phase II <br />