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