RESOLUTION NO. R-2023-79
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLACENTIA, CALIFORNIA AUTHORIZING THE TRANSITION OF
THE CITY'S DEFINED CONTRIBUTION PLAN FOR ELIGIBLE
EMPLOYEES FROM PUBLIC AGENCY RETIREMENT SERVICES
(PARS) TO THE ICMA RETIREMENT CORPORATION
GOVERNMENTAL PROFIT-SHARING PLAN & TRUST
A. Recitals
(i). WHEREAS, the City has employees rendering valuable services; and (ii). WHEREAS, the City currently participates in the City of Placentia Public Agency Retirement System (PARS) Defined Contribution Plan, effective October 1, 2016; and
(iii). WHEREAS, the City has selected ICMA Retirement Corporation (d/b/a MissionSquare) as the new provider and wishes to terminate all services, administration, and investment contracts of Public Agency Retirement Services (PARS) as Trust Administrator, U.S. Bank, N.A. as Trustee, and John Hancock Retirement Services as Custodian/Record Keeper; and
(iv). WHEREAS, the City desires that its defined contribution retirement plan be administered by MissionSquare and that the funds held in such plan be invested in VantageTrust, a trust established by public employers for the collective investment of funds held under their retirement and deferred compensation plans:
B. Resolution
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLACENTIA DOES HEREBY FIND, DETERMINE, AND RESOLVE AS FOLLOWS:
1. The City hereby restates and establishes a 401(a) defined contribution retirement plan (the "Plan") in the form of The ICMA Retirement Corporation Governmental Profit -Sharing Plan & Trust, pursuant to the specific provisions of the Adoption Agreement; and
2. The Plan shall be maintained for the exclusive benefit of eligible employees and their beneficiaries; and
3. The City hereby adopts the Declaration of Trust of VantageTrust, intending this adoption to be operative with respect to any retirement or deferred compensation plan subsequently established by the City, if the assets of the plan are to be invested in VantageTrust; and
3. The City hereby agrees to serve as trustee under the Plan and to invest funds held under the Plan in VantageTrust; and
4. The City Administrator shall be the coordinator for the Plan; shall receive reports, notices, etc., from ICMA Retirement Corporation or VantageTrust; shall cast, on behalf of the City, any required votes under VantageTrust; may delegate any administrative duties relating to the Plan to appropriate departments; and
5. The City hereby authorizes the City Administrator to execute all necessary agreements with ICMA Retirement Corporation incidental to the administration of the Plan; and
6. The City of Placentia PARS Defined Contribution Plan is hereby replaced with the City of Placentia 401(a) Defined Contribution Plan administered by MissionSquare effective December 1, 2023; and
7. The Council hereby authorizes the liquidation of Plan assets the week of November 27, 2023, and the transfer of assets to MissionSquare/VantageTrust, on or around December 1, 2023; and
8. Upon the complete and successful transfer of all assets to MissionSquare/VantageTrust, PARS is hereby removed as Trust Administrator, U.S.
Bank, N.A. is hereby removed as Trustee, and John Hancock Retirement Services is hereby removed as Custodian/Record Keeper of the City of Placentia PARS 401(a) Defined Contribution Plan and any accounts and agreements associated with the Trust Administrator, Trustee, and Custodian/Recordkeeper shall be terminated.
APPROVED AND ADOPTED this 19th day of September, 2023.
ATTEST: Ward L. Smith, Mayor
Robert S. McKinnell, City Clerk
STATE OF CALIFORNIA
COUNTY OF ORANGE
I, Robert S. McKinnell, City Clerk of the City of Placentia do hereby certify that the foregoing Resolution was adopted at a regular meeting of the City Council held on the 19th day of September 2023 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Robert S. McKinnell, City Clerk
APPROVED AS TO FORM:
Christian L. Bettenhausen, City Attorney