55C - RESO PUBLIC AGENCY RETIREMENT SRVS

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RESOLUTION NO. 2010- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA DESIGNATING PUBLIC AGENCY RETIREMENT SERVICES AS THE TRUST ADMINISTRATOR AND UNION BANK AS TRUSTEE OF THE DEFERRED COMPENSATION PLAN FOR CITY OF SANTA ANA PART-TIME, SEASONAL AND TEMPORARY EMPLOYEES, EFFECTIVE DECEMBER 6, 2010, AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE DEFERRED COMPENSATION PLAN AND TRUST DOCUMENTS Lss11/23/10 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. The City Council of the City of Santa Ana ("City") has adopted a Social Security alternative retirement plan for its part-time, seasonal and temporary employees, referred to as the "3121 Plan"; and B. The City's 457 PST Plan qualifies under California Government Code Sections 53215-53224 and 20000, OBRA 90 Section 11332, and IRC Sections 3121(b)(7)(F) and meets the definition of "retirement system" as set forth by Section 218(b)(4) of the Federal Social Security Act; and C. After receiving and reviewing a number of proposals for administrative and trust services required to manage the 3121 Plan, the City has determined that it is in the best interests of the City and its part-time, temporary and seasonal employees to appoint a new Plan Administrator and Trustee. Section 2. The City Council of the City of Santa Ana hereby adopts the City of Santa Ana PARS 3121 FICA Alternative Retirement Plan (the "Plan") and Trust as the City's alternative to Social Security plan, replacing the current 3121 Plan, effective December 6, 2010. Section 3. The City Council hereby appoints Public Agency Retirement Services ("PARS") as Trust Administrator and Recordkeeper, and Union Bank as Trustee for the Plan effective December 6, 2010. Resolution No. 2010- 55C-3 Page 1 of 3