City Council

3.5 ADOPTION OF THE PUBLIC AGENCY RETIREMENT SYSTEM\nTRUST PROGRAM FOR THE CITY OF IRVINE DEFINED\nBENEFIT PENSION PLAN\nACTION:\n1) Adopt - A RESOLUTION OF THE CITY COUNCIL OF THE\nCITY OF IRVINE, CALIFORNIA, ADOPTING THE PUBLIC\nAGENCY RETIREMENT SYSTEM TRUST (PARS) AS THE\nTRUST PROGRAM FOR THE CITY OF IRVINE DEFINED\nBENEFIT PENSION PLAN (PLAN), THE APPOINTMENT OF\nPUBLIC AGENCY RETIREMENT SERVICES AS TRUST\nADMINISTRATOR AND U.S. BANK N.A. AS TRUSTEE OF THE\nPLAN\n2) Terminate agreement with Principal Financial Group as the\nPlan's record keeper and custodian.\n3) Appoint Public Agency Retirement Services Trust as the\nadministrator of the Plan and U.S. Bank N.A. as Trustee and\ncustodian of plan assets.\n4) Appoint the Director of Administrative Services as plan\nadministrator to execute legal and administrative documents.\n3.5