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<br /> <br /> <br /> <br /> <br /> Jxs (11/28/11) <br /> <br /> RESOLUTION NO. 2011- <br /> <br /> <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 /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br /> FOLLOWS: <br /> <br /> Section 1. The City Council of the City of Santa Ana finds determines and <br /> declares as follows: <br /> <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 /> <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 /> <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 /> <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 /> <br /> 55C-3 <br />