Report to Mayor and City Council
Tuesday, September 15, 2020
Consent
SUBJECT:
Title
APPROVE CONTRACT AMENDMENT NO. 1 FOR THE ADMINISTRATIVE SERVICES AGREEMENT BETWEEN THE CITY OF CARSON AND PHASE II SYSTEMS D/B/A PUBLIC AGENCY RETIREMENT SERVICES ("PARS")
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I. SUMMARY
The City of Carson and PARS entered into the PARS Alternate Retirement System Agreement effective January 1, 1992 in conjunction with the PARS Trust Agreement, whereby PARS agreed to provide certain administrative services to the City's retirement plan for part-time, seasonal, and temporary employees and Trust.
PARS has expanded the scope of its services to allow participants of the Plan to access and view their retirement benefits information on a read-only basis through a web-based portal. The proposed amendments will allow the City and PARS to amend the Plan to allow Coronavirus related distributions and temporarily waive the Required Minimum Distributions, enacted by the Act, and add the web-based portal services.
II. RECOMMENDATION
Recommendation
WAIVE further reading and APPROVE THE PHASE II SYSTEMS D/B/A PUBLIC AGENCY RETIREMENT SERVICES ("PARS") ADMINISTRATIVE SERVICES AGREEMENT CONTRACT AMENDMENTS NO. 1; AND AUTHORIZE THE MAYOR TO EXECUTE THE AGREEMENTS UPON APPROVAL AS TO FORM BY THE CITY ATTORNEY.
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III. ALTERNATIVES
Take any other action deemed appropriate.
IV. BACKGROUND
The City adopted the City of Carson PARS Alternate Retirement System (the "Plan") effective January 1, 1992 in conjunction with the PARS Trust Agreement ("Trust"), with PARS, as Trust Administrator to the Trust to provide administrative services on or about January 1, 1992. On January 1, 2007, the Employer adopted that certain Amended and Restated City of Carson Public Agency Retirement System Alternate Retirement System (PARS-ARS) ("First Restated Plan"). The First Restated Plan constituted a full and complete amendment and restatement of the Plan. Without limitation, the First Restated P...
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