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<br /> ., . . . I . ,. - <br /> <br /> Co.1A"3 <br /> RESOLUTION NO. <br /> '-- <br /> RESOLUTION OF THE CITY OF REDWOOD CITY ADOPTING <br /> THE PARS TRUST AGREEMENT AND THE ì.'EFINED BENEFIT <br /> PLAN EFFECTIVE JANUARY 1, 2004 (PA,",S 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 Califomia 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 /> hislher 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 /> " " " <br /> I <br /> '- <br /> Atty/Reso/Reso.1451 <br /> 031504 <br />