2011-091 - Appointing Pars as Trust Adminstrator of the Plan and Union Bank as Trustee of the Plan

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Section 2. NOW THEREFORE, BE IT RESOLVED THAT: A. The City Council of the City of Santa Ana, pursuant to the City's authority to amend the existing plan, does hereby adopt the City of Santa Ana 3121 Part-Time Social Security Alternative Retirement Plan (the "Plan") and Trust as the City's alternate to Social Security plan, replacing the existing 3121 Plan in full, effective December 19, 201 1 ; B. The City Council hereby appoints PARS as Trust Administrator and Record keeper and Union Bank as Trustee for the Plan effective December 19, 201 1 ; C. The City Council hereby terminates Great West Retirement Services as Trust Administrator and Record keeper effective December 19, 201 1 ; D. The City Council hereby authorizes the liquidation and transfer of plan assets to Union Bank as soon as administratively feasible pursuant to the terms and conditions of the Great West Retirement Services Guaranteed Certificate Fund/Daily Interest Guaranteed Fund II; E. The City Council hereby appoints the Executive Director of Finance and Management Services, or his/her successor or his/her designee as the City's Plan Administrator for the Plan; F. The City's Plan Administrator is hereby authorized to implement the Plan, execute the PARS legal documents on behalf of the City and to take whatever additional actions are necessary to maintain the City's participation in PARS and to maintain compliance of any relevant regulation issued or as may be issued; therefore, authorizing him/her to take whatever additional actions are required to administer the City's PARS Plan. Section 3. This Resolution shall take effect immediately upon its adoption by the City Council, and the Clerk of the Council shall attest to and certify the vote adopting this Resolution. ADOPTED this 19t" day of December 201 1 . el A. Pu 'do ayor Resolution No. 2011-091 Page 2 of 3