City Council

CC 18. Resolution Approving the Adoption of the Defined Benefit Platform Proposed by Shuster\nAdvisory Group, LLC\nRecommendation(s):\nStaff recommends City Council adopt Resolution 23-XX approving the adoption of a new\nDefined Benefit platform for the City of Lancaster Supplemental Defined Benefit Retirement\nPlan and related Governmental Excess Benefit Arrangement, and the discontinuance of the\nPublic Agency Retirement System’s (PARS) PARS Retirement Enhancement Plan (REP) and\nPARS City of Lancaster Excess Benefit Plan and the related Trusts.\nThe PARS Retirement Enhancement Plan (REP) and related Excess Benefit Plan were\napproved by the City Council on January 09, 2001. The plan was effective January 1, 2001\nand is a defined benefit 401(a) plan (“DB Plan”) that, combined with the existing Public\nEmployees Retirement System (“PERS”) pension benefits, enhances the retirement formula\nprovided by the City to eligible employees. The plan is only available to employees hired\nbefore January 1, 2013. The plan has been administered by Phase II Systems (d/b/a PARS)\nsince inception.