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Agreement with Public Agency Retirement Services to <br />Provide a Trust Plan for a Limited Number of Police Officers Association Members <br />December 20, 2016 <br />Page 2 <br />alternate method of providing a stipend to eligible employees that will reflect the actual salary <br />they would have received upon retirement, and will comply with the agreement made by the City <br />during the contract extension negotiations. <br />Staff is requesting renewal restatement and amendment of the agreement with PARS to clarify <br />that the term of the agreement is ongoing until termination or until the last beneficiary or their <br />eligible heirs expire. This restatement and amendment allows for continued administration and <br />funding of this trust for the duration of the retirees' lives. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #7 - Team Santa Ana, Objective #4 (Establish <br />employee compensation that attracts and retains a highly qualified workforce). <br />FISCAL IMPACT <br />The cost to fund the trust is $128,356.92 for 2016. The annual ongoing cost of the trust was <br />originally estimated to be $94,672 and the cost of the trust will diminish as the retirees expire. <br />Funds are budgeted in the 2016-17 Personnel Service Department budget account no. <br />08009051-62300. <br />I <br />Edward S. Raya <br />Executive Director <br />Personnel Services <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Francis Gutierrez SP <br />Executive Director <br />Finance & Management Services Agency <br />Exhibits: 1. Restated and amended agreement for administrative services <br />2. March 21, 2011 POA Retirement Issue sheet <br />3. Resolution No. 2011-024 <br />25H-2 <br />