HomeMy WebLinkAboutReso 121-2004RESOLUTION NO. 121-2004
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING THE TERMINATION OF
THE PARS RETIREMENT ENHANCEMENT PLAN EFFECTIVE
JULY 1, 2002 AND THE PARS EXCESS BENEFIT PlxkN
EFFECTIVE JULY 1, 2002
WHEREAS, the City of South San Francisco (the "City") maintains the City of South
San Francisco PARS Retirement Enhancement Plan and the PARS Excess Benefit Plan; and
WHEREAS, the City has, pursuant to Section 6.3 of the PARS Retirement Enhancement
Plan and Section 4.5 of the PARS Excess Benefit Plan, the authority to amend and terminate the
Plan; and
WHEREAS, the City has determined that due to a mutual mistake of fact, it is in the best
interest of the City and its eligible employees to terminate the Plan.
NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby terminate
the PARS Retirement Enhancement Plan and the PARS Excess Benefit Plan effective December
27, 2004; and
BE IT FURTHER RESOLVED that the City Council hereby terminates the relationship
with PARS, the Trust Administrator, and Union Bank of California, the Trustee, effective
December 27, 2004 and directs the Trustee to transfer all remaining assets to the California
Public Employees Retirement System as soon as administratively possible; and
BE IT FURTHER RESOLVED that the Plan Administrator is hereby designated as the
City Manager and is hereby authorized to execute any documents and to take whatever additional
actions are necessary to carry out the intent of this resolution.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the City Council of the City of South San Francisco at a special meeting held on the 27th day of
December 2004 by the following vote:
AYES: Councilmembers Richard A. Garbarino, Pedro Gonzalez, and Karyl Matsumoto,
Mayor Pro Tem Joseph A. Fernekes and Mayor Raymond L. Green
NOES: None.
ABSTAIN: None.
ABSENT: None.
ATTEST:
City Clerk