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Amendment to the PAR Trust Plan <br />AUGUST 24, 2011 <br />Page 2 <br />FISCAL IMPACT <br />First year costs are estimated to be $26,000 and ongoing annual costs are estimated to increase <br />in subsequent years at the rate of 2% per year. The lump sum cost for purchasing this annuity is <br />estimated at about $570,000. Funds are available under the liability account (08009051-62300). <br />The cost of this supplemental retirement program will be offset by a corresponding reduction in the <br />City's PERS rate. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Y <br />Kathie Go zalez <br />Executive Director <br />Personnel Services Agency <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />55E-2