HomeMy WebLinkAboutCC Resolution 13979 (Terminate PARS Defined Contribution Plan)RESOLUTION NO. 13979
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SAN RAFAEL
AUTHORIZING THE TERMINATION OF THE
CITY OF SAN RAFAEL PARS DEFINED CONTRIBUTION PLAN
WHEREAS, the City of San Rafael (the "City") previously adopted the City of San Rafael
PARS Defined Contribution Plan (the "Plan") effective July 1, 2000; and
WHEREAS, the City has decided that it is in the best interest of the City and the Plan to
terminate the Plan, and
WHEREAS, as of the date of Plan termination, all amounts credited to the Account of
any affected Participant are one hundred percent (100%) vested; and
WHEREAS, all Plan assets shall be distributed to eligible Participants as soon as
administratively feasible following the Plan termination; and
WHEREAS, the Plan shall be amended to include recent legislation and regulations
applicable to qualified 401(a) defined contribution plans through the date of Plan termination;
and
WHEREAS, in accordance with Section 7.3 of the Plan, the City has the right to amend
and terminate the Plan.
NOW THEREFORE, the City Council of the City of San Rafael does resolve, declare,
determine, and order as follows:
(1) The Plan is hereby terminated effective August 3, 2015.
(2) As of the effective date of the Plan termination, all amounts credited to the
Account of any affected Participant are one hundred percent (100%) vested.
(3) All Plan assets shall be distributed to Participants having an undistributed
balance in the Plan as soon as administratively feasible following the Plan termination.
(4) The City Manager is hereby authorized to execute any and all Plan amendments
and documents and to do any and all acts that may be necessary in connection with the
termination of the Plan.
I, Esther Beirne, Clerk of the City of San Rafael, hereby certify that the foregoing
resolution was duly and regularly introduced and adopted at a regular meeting of the council of
said City held on the 3rd day of August, 2015 by the following vote, to wit:
AYES: COUNCILMEMBERS: Bushey, Colin, Gamblin, McCullough & Mayor Phillips
NOES: COUNCILMEMBERS: None
ABSENT: COUNCIL MEMBERS: None
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ESTHER BEIRNE, CITY CLERK