HomeMy WebLinkAboutRES 2004-037 RESOLUTION NO. 2004-37
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS AUTHORIZING THE CITY OF
GRAPEVINE TO ENTER INTO AN AGREEMENT WITH
THE PUBLIC AGENCY RETIREMENT SYSTEMS TO
PROVIDE AN ALTERNATE RETIREMENT SYSTEM FOR
PART-TIME EMPLOYEES AND PROVIDING AND
EFFECTIVE DATE
WHEREAS, it is to be determined to be in the City's best interest and its
employees to provide a qualifying Retirement System ("Deferred Compensation FICA
Alternative Plan") for all its employees not currently eligible for such a Qualifying
Retirement System, thereby meeting the requirements of Section 113232 of the Omnibus
Budget Reconciliation Act (OBRA 90) and Section 3121(b)(7)(F) of the Internal Revenue
Code (IRC); and
WHEREAS, the City is eligible to be a member of the Public Agency Retirement
System (PARS) Trust, which has made such a System available to the City and its
eligible employees and qualifies under Chapter 609 of the Texas Government Code,
OBRA 90 Section 11332, IRC Sections 3121 (b)(7)(F) and 4571, and meets the meaning
of the term "retirement system" as given by Section of 218(b)(4) of the Federal Social
Security Act.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That all matters stated in the preamble are found to be true and correct,
and are incorporated herein by reference as if copied herein in their entirety.
Section 2. That the City of Grapevine hereby adopts the PARS Trust, including the
PARS Section 457 FICA Alternate Retirement System (ARS), effective November 14,
2004, the effective date for the benefit of employees on that date and hired thereafter.
Section 3. That the City of Grapevine hereby appoints the Personnel Director, or
his/her successor or his/her designee as the City's Plan Administrator for the PARS 457
FICA Alternate Retirement System.
Section 4. The City's Plan Administrator is hereby authorized to implement the
plan(s), 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 PARS
compliance of any relevant regulation issued or as may be issued; therefore, authorizing
him/her to take whatever additional actions are required to administrator the City's PARS
plan(s).
Section 5. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 21st day of September, 2004.
APPROVED:
. �C • A -
Ted R.—W-re
Mayor Pro Tern
ATTEST:
cj)i
Linda Huff
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.,-
City Attorney
RES. NO. 2004-37 2