City Council
259 N. Wilma Avenue
Ripon, CA 95366
MEMO
To: Honorable City Council
From: Lisa Roos, City Clerk & Finance Director
Date: 06/14/2022
Subject: Services Agreement with PARS for 115 Trust Administration RECOMMENDED ACTION:
Approve and authorize the Mayor to sign the Agreement for Administrative Services with Public Agency Retirement Services (PARS) to administer the City of Ripon’s Pension Rate Stabilization Program (Section 115 Trust).
BACKGROUND:
Staff presented the Pension Rate Stabilization Program to the City Council at the May 10, 2022 City Council meeting and recommendation to move forward with PARS to administer this Section 115 Trust.
The following steps were outlined as the steps to take in order to get the Trust established and monies deposited.
1. June 2022 City Council Meeting: Approve resolution appointing a Plan Administrator (usually the City Administrator) and authorizing the mayor to execute the contract with PARS.
2. June 2022 – October 2022: PARS will assist staff in surveying the Council to help establish the Investment Policy.
3. October 2022 City Council Meeting: Adopt an Investment Policy for the Section 115 Trust, including risk tolerance, investment amount, and how the Section 115 Trust is to be used to fund CalPERS obligations.
4. November 2022: Establish the Section 115 Trust and deposit funds.
DISCUSSION/ANALYSIS:
At the May meeting, Council directed staff to draft a resolution to participate in the Section 115 Retirement Trust and prepare an agreement with PARS to administer the City’s pension rate stabilization program.
This is the contract with PARS for them to administer our Pension Rate Stabilization Program (Section 115 Retirement Trust).
FISCAL IMPACT:
None at this time.
Attachments:
1. Agreement for Administrative Services