HomeMy WebLinkAboutReso 3-2002RESOLUTION NO. 3-2002
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE AMENDMENT TO THE PUBLIC
AGENCY RETIREMENT SYSTEM LEGAL DOCUMENTS (PARS)
WHEREAS, the City desires to amend the contract with the Public Agency Retirement
System to provide a more balanced investment strategy for the general plan assets and to give
individual investment control to participants who meet minimum balance requirements; and
WHEREAS, to improve the participants desired investment strategies, the City is
recommending the following: 1) add participant directed investment feature, effective 7/1/02, which
allows any member with $2,500 or more in the program to direct how his or her money is invested,
and 2) diversify investment strategy from ultra conservative to conservative - a short-term fixed-
income strategy.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that the City Council hereby approves the amendment to the Public Agency Retirement
System Contract.
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 regular meeting held on the 9th day of January
2002 by the following vote:
AYES:
Councilmembers Joseph A. Femekes, Raymond L. Green and Karyl Matsumoto,
Mayor Pro Tem Pedro Gonzalez and Mayor Eugene R. Mullin
NOES: None.
ABSTAIN: None.
ABSENT: None.
ATTEST:
~ty Clerk 'Z ~,,~. ;__