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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 o ff = . I?Wwa, . ESTHER BEIRNE, CITY CLERK