HomeMy WebLinkAboutRES 18-023RESOLUTION NO. 18-023
RESOLUTION AUTHORIZING THE TRANSTION OF THE
CITY'S 457 FICA ALTERNATIVE RETIREMENT PLAN FROM
PUBLIC AGENCY RETIREMENT SERVICES TO ICMA-RC.
WHEREAS, the City of Beaumont ("the City") currently participates in the Public
Agency Retirement Services (PARS) Section 457 FICA Alternative Retirement Plan (the
"PARS Plan"); and,
WHEREAS, the City has selected ICMA-RC as the new provider and wishes to
terminate all services and contracts with PARS as trust administrator and U.S. Bank as
trustee of the PARS Plan; and,
WHEREAS, the City has accepted its appointment as trustee, and ICMA-RC has
accepted its appointment as custodian and recordkeeper of the successor plan;
NOW, THEREFORE, BE IT RESOLVED
BY THE CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the statements and findings set out in the preamble to this ordinance are hereby,
in all things, approved and adopted; and,
SECTION 1.
The City Council hereby replaces the City of Beaumont PARS Section 457 FICA
Alternative Retirement Plan with the City of Beaumont PTS Plan, effective January 31,
2018.
SECTION 2.
The City Council hereby directs the liquidation of assets held in the PARS Plan
on or around -March 1, 2018.
SECTION 3.
The City Council hereby directs the transfer of assets and participant data from
the PARS Plan to ICMA-RC on or around March 2, 2018.
SECTION 4.
The City Council hereby terminates the Agreement for Administrative Services
with the Public Agency Retirement Services effective upon the transfer of assets and
participant data to ICMA-RC.
SECTION 5. '
Upon the successful transfer of assets, U.S. Bank is hereby removed as trustee
of the PARS Plan.
The meeting at which this resolution was approved was in all things conducted in
strict compliance with the Texas Open Meetings Act, Texas Government Code, Chapter
551.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 30th day of
January, 2018.
6ay'o-r Beck Ames -
ATTEST:
G"k'�j
Tina Broussard, City Clerk
APPROVED AS TO FORM:
'Nwle�
Tyi ne E. r, City Attorney