Resolution 12603CITY OF ALAMEDA RESOLUTION NO, 12603
ADOPTING THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS)
FOR PART-TIME EMPLOYEES
WHEREAS, it is determined to be in the best interest of
the City of Alameda ("CITY") and its employees to provide a
Qualifying Retirement System to all employees not currently
eligible for such a Qualifying Retirement System, thereby meeting
the requirements of Section 11332 of the Omnibus Budget
Reconciliation Act and Section 3121(b)(7)(F) of the Internal
Revenue Code; and
WHEREAS, the Public Agency Retirement System (PARS), a
governmental plan, has made such a system available to the CITY and
its eligible employees, and qualifies under California Government
Code Section 53215 et seq. and Section 11332 of the 1990 Omnibus
Budget Reconciliation Act (OBRA 90), and meets the meaning of the
term "retirement system" as given by Section 218(b)(4) of the
Federal Social Security Act.[42 U.S.C. 418(b)(4)]
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Alameda does hereby adopt the PARS Trust, attached
hereto as Exhibit A, including the PARS Alternate Retirement System
(PARS), effective January 1, 1995, the effective date for the
benefit of employees on that date and hired thereafter.
BE IT FURTHER RESOLVED that the City Council hereby
appoints the Finance Director of the City of Alameda, or the
designee of the Finance Director, as CITY Administrator for PARS,
and further authorizes her/him to implement the Plan.
BE IT FURTHER RESOLVED that the CITY PARS Administrator
is hereby authorized to execute the PARS Adoption Agreement on
behalf of the CITY and to take whatever additional actions that are
necessary to maintain the participation of the CITY in PARS and to
maintain PARS compliance with Section 11332 of the Act and relevant
regulations issued or as may be issued.
ADOPTION AGREEMENT TO
THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS)
AND TRUST AGREEMENT
EMPLOYER: City of Alameda
FEDERAL I.D. #: 94- 6000288
ADMINISTRATOR: Zenda James, Finance Director
ADDRESS: 2263 Santa Clara Avenue, Room 310
Alameda, CA 94501
NAME OF PLAN: Public Agency Retirement System (PARS)
City of Alameda
EXHIBIT A
INTRODUCTION
This Adoption Agreement, the provisions of the Public Agency Retirement System
(PARS), and the provisions of the PARS Trust of which this Agreement is a part,
are hereby adopted by the Employer executed this Agreement for the benefit of
Eligible Employees and their Beneficiaries.
This Adoption Agreement is part of the adoption of a new Plan, as provided in
Section 2.5 of the PARS Trust.
Item 1: EFFECTIVE DATE
EFFECTIVE DATE shall mean January 1, 1995.
Item 2: ELIGIBLE EMPLOYEE
A. ELIGIBLE EMPLOYEE shall mean only those Employees who, at any time during
which the Employer maintains this Plan, are not accruing a benefit under
Social Security or another Retirement System provided and maintained by
the Employer which meets the minimum requirements of IRS Regulations of
IRC Section 3121 (b)(7)(F).
B. ELIGIBLE EMPLOYEE shall include all active employees until termination of
employment inactive employees until their interest in the Plan is
distributed.
C. ELIGIBLE EMPLOYEE shall exclude all employees exempted under IRC Section
3121(b)(7)(F).
D. ELIGIBLE EMPLOYEE shall include the following:
Part-time, Seasonal, and Temporary Certified Faculty Employees.
Item 3: ELIGIBILITY REQUIREMENTS
A. SERVICE REQUIREMENT: An Employee who qualified as an ELIGIBLE EMPLOYEE
under Item 2 above shall be eligible to participate immediately.
B. EMPLOYMENT REQUIREMENT: An Employee who terminates employment during the
Plan Year shall still be eligible to participate during such Plan Year.
Item 4: COMPENSATION
A. COMPENSATION shall mean all compensation, for the Plan Year paid or payable
in cash by the Employer for personal services by the Eligible Employee.
This definition of COMPENSATION shall be subject to the provisions of
Article 1.05 of the Plan as well as the further provisions of this Item.
B. If elected in this Item, the term COMPENSATION shall be defined as
follows. (None, since not elected).
W-2 Wages Yes No
Base Salary Yes No
CALIF. PERS Compensation Yes ----No
CALIF. STRS Compensation Yes No
Other Yes No
Item 5: NORMAL RETIREMENT AGE
NORMAL RETIREMENT AGE shall mean sixty (60) years of age.
Item 6: NORMAL RETIREMENT DATE
NORMAL RETIREMENT DATE shall mean the first of the month coincident with or next
following the date on which the Participate attains NORMAL RETIREMENT AGE.
Item 7: DEATH AND TOTAL DISABILITY PROVISION
A Participant's Vesting and distribution rights on the date of his death or
"Permanent and Total Disability" will be the same as the Vesting and distribution
rights applicable on the date of his attainment of Normal Retirement Age.
Item 8: ALLOCATION AND AMOUNT OF CONTRIBUTIONS
A. The Employer shall make Employer Contributions in the amount of 1.5% of
each Participant's Compensation. Employer Contributions shall be
forwarded to the Trustee to be allocated to each Participant's Employer
Contribution Account.
B. Each Participant shall make Employee contributions in the amount of 6.0%
of his Compensation. Employee Contributions shall be forwarded to the
Trustee to be allocated to the Participant's Employee Contribution
Account. Employee contributions will be "before tax" due to the
employer's adoption of IRC Section 414(h) "employer pickup" in the Plan
Document.
C. All Plan expenses shall be paid out of Plan assets, and shall be allocated
as follows:
100% to the Employer Contribution Accounts, and 0% to the Employee
Contribution Accounts.
D. A Participant shall not be permitted to direct the investment of his
Employer Contribution Account or his Employee Contribution Account.
Item 9: INVESTMENT OF ASSETS
Investment of Trust assets shall be governed by the following provisions as
indicated by the initials of the Administrator:
A. Yes No Pursuant to Section 4.1(a)(2) of the Trust, the
Administrator hereby appoints the Trustee as the fiduciary with respect to
the authority and duty to direct the investment and management of all
Trust assets.
B. Yes No Pursuant to Section 4.1(a)(2) of the Trust, and subject to
the acceptance of the Trustee, the Administrator hereby appoints Bank of
California as the fiduciary with respect to the authority and duty to
direct the investment and management of all Trust assets. The following
statement of investment policy shall govern the investment of the Trust
assets, subject to the acceptance of such assets by the Trustee: (None,
since paragraph does not apply)
C. Yes No_ a
Pursuant to Section 4.1(a)(2) of the Trust, the
Administrator shall remain the fiduciary with respect to the authority and
duty to direct the investment and management of all Trust assets. The
following statement of investment policy shall govern the investment of
the Trust assets, subject to the acceptance of such assets by the Trustee:
(None, since paragraph does not apply)
Item 10: VALUATION DATE
VALUATION DATE shall mean the date as of which a valuation is completed.
Valuations are done at least monthly and more frequently, at the discretion of
the Trustee.
Item 11: METHOD OF FUNDING
The Plan shall be funded as provided under Section 4.1 of the PARS Plan Document.
Item 12: VESTING
A. The Participant's Employee Contribution Account shall be 100% Vested at
all times. The Participant's Employer Contribution Account shall be 100%
Vested at Normal Retirement Age, Total Disability or Death. However,
notwithstanding anything to the contrary in this Plan, the Participant
shall be Vested in his Employer Contribution Account to such a degree and
at such time as to meet the minimum requirements for a retirement system
under Section 3121(b)(7)(F) of the Code.
B. Yes No Years of Service with the Employer completed before the
Employer maintained this Plan shall be counted to determine the
nonforfeitable percentage in such Employee's benefit from Employer
Contributions.
C. Yes ? No Years of Service completed prior to termination of
employment shall not be credited to an Employee who terminates employment
before satisfying the eligibility requirements in Item 3 of the Adoption
Agreement.
D. For Vesting purposes, a Participant will be credited with a Year of
Participation or Service only if he or she completes at least one Hour of
Service during the computation period.
E. Benefits shall be vested in accordance with the following:
Yes No A participant transferring to an eligible retirement plan
with the same employer shall be 100% vested.
Yes No_ The schedule shown below shall be used: (None, since
schedule not used)
Years of Service Completed Percent Vested
Item 13: PLAN YEAR
The PLAN YEAR shall be the period of twelve (12) consecutive months commencing
on July 1, and ending on June 30.
Item 14: MISCELLANEOUS
This Adoption Agreement shall be used only in conjunction with the Public Agency
Retirement System (PARS) and the PARS Trust.
Executive this day of , 1994,
at , California.
Signature of Plan Administrator
Title
Approved as to Form:
Carol A. Korade
City Attorney
I, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 20th day of
December , 1994, by the following vote to wit:
AYES:
Councilmembers Arnerich, DeWitt, Lucas, Mannix
and President Appezzato - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 21st day of December , 1994.
Dian B. Felsch, City Clerk
City of Alameda