City Council

1.k. Updated Resolution Approving the Transition of The City’s\nDefined Contribution Plan for Eligible Employees from\nPublic Agency Retirement Services (PARS) to The ICMA\nRetirement Corporation Governmental Profit-Sharing Plan\n& Trust and Repealing Resolution No. R-2023-79 Fiscal\nImpact: None\nRecommended Action: It is recommended that the City\nCouncil:\n1) Adopt Resolution R-2023-89 authorizing the transition\nof the City’s Defined Contribution Plan for Eligible\nEmployees from PARS to ICMA Retirement\nCorporation Governmental Profit-Sharing Plan & Trust\nand repealing Resolution No. R-2023-79 and the\ndiscontinuance of the City’s participation in the Public\nAgency Retirement System (PARS) Defined\nContribution Plan and related services of PARS as\nTrust Administrator, U.S. Bank N.A. as Trustee, and\nJohn Hancock Retirement Services as\nCustodian/Record Keeper with updated dates; and\n2) Authorize the City Administrator to execute all\nnecessary documents.\nStaff Report\nResolution No. R-2023-90