City Council

CC 9. Resolution Approving the Adoption of the Defined Benefit Platform Proposed by Shuster Advisory Group, LLC. Recommendation(s): Staff recommends that the City Council adopt Resolution 24-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. This Resolution was originally presented and approved by the City Council as Resolution No. 23-27 on May 9, 2023. The actual transition will occur on or around March 31, 2024, and the current administrator requires an approved Resolution with the actual date of termination within the resolution. This Resolution 24-XX is a restatement of the already approved Resolution 23-27, with the transition services dates updated. After a review of the current fees, investment portfolios, and services, it was determined that significantly reduced fees and improved investment flexibility, customization, transparency, and service could be achieved by transferring our plan administration and portfolio management to a different program provider.