RE 2009-0414.1
RESOLUTION NO. 2009-0414.1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COPPELL,
TEXAS, APPROVING THE PUBLIC AGENCY RETIREMENT SYSTEM TRUST
(PARS), INCLUDING THE PARS SECTION 457 FICA ALTERNATE RETIREMENT
PLAN, APPOINTING A PLAN ADMINISTRATOR, AND AUTHORIZING SAID
PLAN ADMINISTRATOR TO EXECUTE ALL REQUIRED PARS LEGAL
DOCUMENTS ON BEHALF OF THE CITY AND TO TAKE WHATEVER
ADDITIONAL ACTIONS ARE REQUIRED TO ADMINISTER THE CITY'S PARS
PLAN(S); AND PROVIDING AN EFFECTIVE DATE FOR THE RESOLUTION.
WHEREAS it is to be determined to be in the City's best interest and its
employees to provide a Qualifying Retirement System for all its employees not
currently eligible for such a Qualifying Retirement System ("Deferred
Compensation FICA Alternative Plan"), 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); and
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 BY THE CITY OF
COUNCIL OF COPPELL, TEXAS:
SECTION 1. The City Council hereby adopts the PARS 457 Tmst,
including the PARS Section 457 FICA Alternative Retirement Plan, effective
April 14th, 2009, the Effective Date for the benefit of employees on that date and
hired thereafter; and
SECTION 2. The City Council hereby appoints the City Manager, or
his/her successor or his/her designee as the City's Plan Administrator for the
Public Agency Retirement System; and
SECTION 3. The City's Plan Administrator is hereby authorized to
implement the planes), 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).
DULY PASSE'D'//and approv d by the City Council of the City of Coppell,
Texas, on this the ~77~! day of ~(~~~~, 2009.
DOUGLAS N. STOVER, MAYOR
ATTEST:
LIBBY BAL T SECRETARY
APPROVED AS TO FORM:
ROBERT E. HAGF,Rr,,CTI'Y ATTORNEY