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Jxs (11/28/11) <br />RESOLUTION NO. 2011- <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE AMENDMENT AND <br />RESTATEMENT OF ITS EXISTING CITY OF SANTA ANA <br />3121 PART-TIME SOCIAL SECURITY RETIREMENT <br />PLAN; TERMINATING THE CITY'S RELATIONSHIP WITH <br />GREAT WEST RETIREMENT SERVICES FOR <br />ADMINISTRATIVE AND INVESTMENT SERVICES; AND <br />APPOINTING PARS AS TRUST ADMINISTRATOR OF THE <br />PLAN AND UNION BANK AS TRUSTEE OF THE PLAN <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana finds determines and <br />declares as follows: <br />A. WHEREAS it was determined to be in the City's best interest and its <br />employees to adopt the City of Santa Ana 3121 Part-Time Social Security <br />Retirement Plan ("the 3121 Plan"), an Alternative to Social Security Plan, <br />administered by Great West Retirement Services, for its employees not <br />eligible for membership in the California Public Employees' Retirement <br />System ("CalPERS"). <br />B. WHEREAS the City desires to terminate its relationship with Great West <br />Retirement Services for administrative and investment services related to <br />the 3121 Plan effective December 19, 2011, or as soon as administratively <br />feasible. <br />C. WHEREAS Public Agency Retirement Services ("PARS") has made a <br />Part-Time Social Security Alternative Retirement Plan available to the City <br />and its employees and qualifies under California Government Code <br />Sections 53215-53224 and 20000, OBRA 90 Section 11332, IRC Sections <br />3121(b)(7)(F) and 457 and meets the meaning of the term "retirement <br />system" as given by Section 218(b)(4) of the Federal Social Security Act. <br />D. WHEREAS the City desires to amend and restate its current 3121 Plan <br />and desires to appoint PARS as Trust Administrator and Recordkeeper <br />and Union Bank as Trustee for the amended and restated City of Santa <br />Ana 3121 Part-Time Social Security Alternative Retirement Plan effective <br />December 19, 2011. <br />Exhibit 1 <br />Resolution No. 2011-XXX <br />Page 1 of 3 <br />55C-3