HomeMy WebLinkAboutRES 09-246 Resolution No. 09-246
CITY OF BEAUMONT
JEFFERSON COUNTY, TEXAS
WHEREAS it is determined to be in the City's best interest and its employees to provide a
Qualifying Retirement System for its employees not currently eligible for such a Qualifying
Retirement System, thereby meeting the requirements of Section 11332 of the Omnibus Budget
Reconciliation Act (OBRA 90) and Section 3121(b)(7)(F) of the Internal Revenue Code (IRC);
WHEREAS the Public Agency Retirement System (PARS) has made such a system available to
the City and its eligible employees and qualifies under OBRA 90 Section 11332, IRC Sections
3121(b)(7)(F) and 457(b), and meets the meaning of the term "retirement system" as given by
Section 218(b)(4) of the Federal Social Security Act.
NOW THEREFORE, BE IT RESOLVED THAT:
1. The City Council hereby adopts the PARS 457 Trust, including the PARS Section
457 FICA Alternative Retirement Plan, effective , 2009, the Effective Date
for the benefit of employees on that date and hired thereafter; and
2. The City Council hereby appoints the Chief Financial Officer, or his/her successor or
his/her designee, as the City's Plan Administrator for the Public Agency Retirement
System; and
3. The City's Plan Administrator is hereby authorized to implement the plan(s), execute
the PARS legal documents on behalf of the City and to take whatever additional
actions are necessary to maintain the City's participation in PARS and to maintain
PARS compliance of any relevant regulation issued or as may be issued; therefore,
authorizing him/her to take whatever additional actions are required to administer the
City's PARS plan(s).
AYES: NOES: ABSENT: ABSTAIN:
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 25th day of
August, 2009.
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STATE OF TEXAS
COUNTY OF JEFFERSON
Tina Broussard, the City Clerk of the City Council of the City of Beaumont of Jefferson County,
Texas, hereby certifies that the above foregoing resolution was duly and regularly adopted by
said City at a regular meeting thereof held on the 25th day of August, 2009, and passed by a
Majority vote of said Council.
IN WITNESS WHEREOF I have hereunto set my hand and seal this 25t" day of August, 2009.
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Xity Clerk
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