HomeMy WebLinkAboutResolution 2006-025
RESOLUTION NO. 2006-025
WHEREAS, it is determined to be in the City's best interest and its employees to
provide a Qualifying Retirement System (Deferred Compensation FICA
Alternative Plan) for all its employees not currently eligible for such a
Qualifying Retirement system, thereby meeting the requirements of
Section 11332 of the Omnibus Budget Reconciliation Act (OBRA 90) and
Section 3121 (b)(7)(F) of the Internal Revenue Code.
WHEREAS, the City is eligible to be a member of the Public Agency Retirement
System (PARS) Trust, which has made such a system available to the
City and its eligible employees and qualifies under OBRA 90 Section
11332, IRC Sections 3121 (b)(7)(F) and 457(b), and meets the meaning of
the term "retirement system" as given by Section 218(b)(4) of the Federal
Social Security Act.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICH LAND HILLS, TEXAS THAT:
SECTION 1. The City Council hereby adopts the PARS 457 Trust, including the PARS
Section 457 FICA Alternative Retirement Plan, effective June 1, 2006, the
Effective Date for the benefit of employees on that date and hired
thereafter; and
SECTION 2. The City Council hereby appoints the City Manager, or his/her designee as
the City's Plan Administrator for the Public Agency Retirement System
Section 457 FICA Alternative Retirement Plan.
SECTION 3. The City's Plan Administrator is hereby authorized to implement the
plan(s), 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 a Qualifying Retirement System for its part-time employees
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 Qualifying Retirement System for its
part-time employees.
PASSED AND APPROVED THIS 22nd OF MAY, 2006.
CITY Of) NORTH Rlé~AND HILLS:
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O~6ar Trevino, Mayor
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uman Resources Director
Resolution No. 2006-025
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