City Council

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