City Council

CC 9. Resolution Approving the Adoption of the Defined Benefit Platform Proposed by Shuster\nAdvisory Group, LLC.\nRecommendation(s):\nStaff recommends that the City Council adopt Resolution 24-XX approving the adoption of a\nnew Defined Benefit platform for the City of Lancaster Supplemental Defined Benefit\nRetirement Plan and related Governmental Excess Benefit Arrangement and the\ndiscontinuance of the Public Agency Retirement System’s (PARS) PARS Retirement\nEnhancement Plan (REP) and PARS City of Lancaster Excess Benefit Plan and the related\nTrusts. This Resolution was originally presented and approved by the City Council as\nResolution No. 23-27 on May 9, 2023. The actual transition will occur on or around March\n31, 2024, and the current administrator requires an approved Resolution with the actual date\nof termination within the resolution. This Resolution 24-XX is a restatement of the already\napproved Resolution 23-27, with the transition services dates updated.\nAfter a review of the current fees, investment portfolios, and services, it was determined that\nsignificantly reduced fees and improved investment flexibility, customization, transparency,\nand service could be achieved by transferring our plan administration and portfolio\nmanagement to a different program provider.