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04/12/2004 <br />ORIGINAL <br />RESOLUTION NO. 14577 <br />RESOLUTION OF THE CITY OF REDWOOD CITY ADOPTING <br />THE PARS TRUST AGREEMENT AND THE DEFINED BENEFIT <br />PLAN EFFECTIVE JANUARY 1, 2004 (PARS SEPARATION <br />INCENTIVE PLAN), AND APPOINTING THE CITY MANAGER AS <br />PLAN ADMINISTRATOR <br />WHEREAS, the City of Redwood City is a member of the Public Agency <br />Retirement System (PARS) for the purpose of providing tax qualified retirement <br />benefits: and <br />WHEREAS, it is determined to be in the best interest of the City and its <br />employees to provide a Separation Incentive Program to eligible employees; and <br />WHEREAS, the PARS Trust has made available a Separation Incentive <br />Plan supplementing CalPERS and qualifying under the relevant sections of the <br />Internal Revenue Code and the California Government Code. <br />NOW, THEREFORE, BE IT RESOLVED THAT: <br />1. The City Council, being a member of the PARS Trust, does hereby adopt <br />the PARS Trust Agreement, the PARS Adoption Agreement and the Agreement <br />for Administrative Services for the Separation Incentive Plan, as part of the City <br />Retirement Program, effective January 1, 2004. <br />2. The City Council appoints the City Manager, or his /her successor or <br />his /her designee as the City's Plan Administrator for the Public Agency <br />Retirement System. <br />3. The City's PARS Administrator is hereby authorized to execute the PARS <br />legal and administrative service documents on behalf of the City to implement a <br />PARS supplemental plan to CaIPERS. In addition, if the City's PARS <br />Administrator finds that the PARS supplemental plan benefit must be limited <br />under Section 415 of the Internal Revenue Code, then the Plan Administrator will <br />implement replacement benefit programs at no additional cost to the City. <br />• + x <br />Atty /Reso /Reso.1451 14577 <br />031504 <br />