Report to Mayor and City Council
Tuesday, October 19, 2021
Consent
SUBJECT:
Title
CONSIDER APPROVAL OF: (1) AMENDED AND RESTATED CITY OF CARSON PUBLIC AGENCY RETIREMENT SYSTEM ALTERNATE RETIREMENT SYSTEM (PARS-ARS) AMENDED AND RESTATED PLAN DOCUMENT EFFECTIVE JANUARY 1, 2021; AND (2) AMENDMENT TO THE PARS ALTERNATE RETIREMENT SYSTEM PLAN, IN RESPONSE TO THE REQUIREMENTS OF THE CARES ACT AND SECURE ACT (CITY COUNCIL)
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I. SUMMARY
The City of Carson adopted its PARS Alternate Retirement System retirement plan (the "Plan") effective January 1, 1992, in conjunction with a PARS Trust Agreement. Phase II Systems dba Public Agency Retirement Services ("PARS") agreed to act as Trust Administrator to provide certain administrative services for the Plan.
PARS has prepared, for City adoption: (i) an amended and restated Plan document, effective January 1, 2021; and (ii) a Plan amendment making changes to the Plan as required pursuant to the CARES Act and the SECURE Act, effective January 1, 2020. Staff recommends Council approval of the proposed documents.
II. RECOMMENDATION
Recommendation
TAKE all of the following actions:
1. APPROVE the "CITY OF CARSON PUBLIC AGENCY RETIREMENT SYSTEM ALTERNATE RETIREMENT SYSTEM AMENDED AND RESTATED PLAN DOCUMENT EFFECTIVE JANUARY 1, 2021" (Exhibit No. 1; the "Plan Document"). Upon approval, the Director of Human Resources & Risk Management, as Plan Administrator, would execute the Plan Document pursuant to the Plan Administrator's authority set forth in Resolution No. 00-058.
2. APPROVE the "AMENDMENT TO THE CITY OF CARSON PARS ALTERNATE RETIREMENT SYSTEM" (Exhibit No. 3; the "Plan Amendment"). Upon approval, the Director of Human Resources & Risk Management, as Plan Administrator, would execute the Plan Amendment pursuant to the Plan Administrator's authority set forth in Resolution No. 00-058.
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III. ALTERNATIVES
TAKE another action the City Council deems appropriate, subject to the requirements of applicable la...
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