HomeMy WebLinkAboutCC Resolution 12718 (PARS Defined Contribution Plan Amendment)RESOLUTION NO. 12718
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN
RAFAEL AMENDING THE CITY'S PUBLIC AGENCY
RETIREMENT SYSTEM (PARS) DEFINED CONTRIBUTION PLAN
WHEREAS, the City of San Rafael (the "Employer") has previously adopted the
City of San Rafael PARS Defined Contribution Plan (the "Plan") as amended and
restated effective January 1, 2003; and
WHEREAS, the Employer has the right to amend the Plan in accordance with
Section 7.3 of the Plan; and
WHEREAS, the Employer deems it to be in the best interest of the Employer and
the Plan to amend the Plan to provide for additional Employer Contributions, at its
discretion, for Employees eligible under Section 1.1 of the Plan.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
DOES RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
The CITY MANAGER is authorized execute the changes to the City's PARS
Defined Contribution Plan as outlined in the attached Amendment.
I, Esther C. 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 City
Council of the City of San Rafael, held on Monday, the 20th of April, 2009, by the following
vote, to wit:
AYES: Councilmembers: Brockbank, Connolly, Heller, Miller & Mayor Boro
NOES: Councilmembers: None
ABSENT: Councilmembers: None
G • 42teu.4 ,
Esther C. Beirne, City Clerk
AMENDMENT TO THE
CITY OF SAN RAFAEL
PARS DEFINED CONTRIBUTION PLAN
WHEREAS, the City of San Rafael (the "Employer") has previously adopted the
City of San Rafael PARS Defined Contribution Plan (the "Plan") as amended and restated
effective January 1, 2003; and
WHEREAS, the Employer has the right to amend the Plan in accordance with
Section 7.3 of the Plan; and
WHEREAS, the Employer deems it to be in the best interest of the Employer and
the Plan to amend the Plan to provide for additional Employer Contributions, at its discretion, for
Employees eligible under Section 1.1 of the Plan.
follows:
NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as
1. Article II, Section 2.1 is hereby amended and restated as follows:
2.1 Ern0over Contributions
There is hereby created and established and shall be maintained by the
Plan Administrator the Employer Contribution Account. The Employer may make
contributions to the Plan pursuant to (a) and/or (b) below.
(a) For each day that an Employee remains a Participant under this
Plan, it is the intention of the Employer to make contributions to the Plan in an
amount as determined by the Plan Administrator. In no event shall Employer
Contributions under this Section 2.1(a) exceed five percent (5%) of
Compensation. Such contributions shall be made no later than the close of the
Plan Year and subject to the limitation provisions of Section 2.7 of the Plan.
Contributions shall be credited to the Employer Contribution Account. Employer
Contributions will be allocated to each Participant in the ratio that such
Participant's compensation bears to the compensation of all Participants.
However, the Employer assumes no commitment to make any contributions at
any time.
(b) The Employer may make additional Employer Contributions to the
Plan, at its discretion, for Employees eligible under Section 1.1 of the Plan. Such
contributions, if any, shall be credited to the Employer Contribution Account and
subject to the limitation provisions of Section 2.7 of the Plan.
2. Article IV, Section 4.1 is hereby amended to read as follows:
4.1 Vestina in EmDlover Contribution Account
(a) A Participant shall be Vested in his or her Employer Contribution
Account under Section 2.1(a) pursuant to the following schedule based on Years
of Service calculated as of the Participant's last date of employment with the
Employer.
NB I :577609.1
Years of Service
Completed
0-3.99
4
5
6
7
Percent Vested
0.00%
25.00%
50.00%
75.00%
100.00%
If a Participant terminates his or her employment with the Employer prior to
his or her Normal Retirement Date and is not fully Vested in his or her Employer
Contribution Account on his or her date of termination, he or she shall forfeit that
portion of his or her Employer Contribution Account in which he or she was not
Vested as of the Valuation Date next following. Any amounts so forfeited shall be
returned to the Employer.
(b) A Participant shall be 100% Vested in her or her Employer
Contribution Account under Section 2.1(b) at all times.
IN WITNESS WHEREOF, this Amendment is hereby adopted effective as
of April 20, 2009.
DATED: Z- "'
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City of San Rafael
By:%
Nam enneth Nordhoff r V
Title: City anager
NB I :577609.1 2