Resolution No. 4285RESOLUTION NO. 4285
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS JOINING
THE PUBLIC AGENCY RETIREMENT SYSTEM (PARS), ADOPTING THE
SUPPLEMENTARY RETIREMENT PLAN, AND AUTHORIZING THE CITY MANAGER
TO EXECUTE APPROPRIATE PARS DOCUMENTS.
WHEREAS, it is determined to be in the best interest of the
City of Cypress and its employees to provide a retirement incentive
plan to eligible employees; and,
WHEREAS, the City of Cypress is a member of the Public
Employees' Retirement System (PERS), and the Orange County
Employees' Retirement System (OCERS), which make available to City
employees substantial retirement benefits; and,
WHEREAS, the City of Cypress is eligible to be a member of the
Public Agency Retirement System (PARS) Trust, a governmental plan,
which has made available its Supplementary Retirement Plan (SRP),
a retirement incentive, supplementing both OCERS and PERS, and
qualifying under relevant sections of the Internal Revenue Code and
the California Government Code.
NOW, THEREFORE, the City Council of the City of Cypress, DOES
HEREBY RESOLVE, DETERMINE AND ORDER as follows:
1. The City shall join the PARS Trust effective March 14,
1994.
2. The City adopts the PARS SRP for eligible employees.
3. The City Manager, or his designee, is hereby appointed as
Plan Administrator, and is hereby authorized to execute the
necessary plan documents and to take whatever additional
actions are necessary to maintain participation in the PARS
SRP.
PASSED AND ADOPTED by the City Council of the City of Cypress, at
a regular meeting held on the 14th day of March, 1994.
ATTEST:
a G
CITY CL ERK O TH
THE
STATE OF CALIFORNIA)
COUNTY OF ORANGE )
Y OF CYPRESS
SS
MAYOR OF THE CITY OF CYPRESS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted at a regular
meeting of said City Council held on the 14th day of March, 1994,
by the following roll call vote:
AYES: 5 COUNCIL MEMBERS: Age, Bowman, Kerry, Nicholson, and
NOES: 0 COUNCIL MEMBERS: None Partin
ABSENT: 0 COUNCIL MEMBERS: None
CITY LERK F THE CITY OF CYPRESS