RES 10360 - Laserfiche WebLink

RESOLUTION NO. 10 -360 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON, APPROVING THE ACCUMULATION PROGRAM FOR PART -TIME AND LIMITED SERVICE EMPLOYEES (APPLE) AS AN ALTERNATIVE RETIREMENT PLAN WHEREAS, Section 11332 of the Omnibus Budget Reconciliation ACT of 1990 "OBRA '90 extends Social Security retirement benefit coverage to employees of state and local governments who are not covered by a state or local retirement; and WHEREAS, certain part-time and temporary employees of the City of Pleasanton (the "City are not currently covered under any other retirement program through the City or the State of California in lieu of coverage under Social Security, as permitted by OBRA '90; and WHEREAS, the City desires to adopt a Defined Compensation Plan, qualified under Section 457 of the Internal Revenue Code of 1986 "the Code for the part-time and temporary employees not covered by a bargaining unit of the City in lieu of providing coverage under Social Security, as permitted by OBRA '90; and WHEREAS, the Council has reviewed the Accumulation Program for Part-time and Limited service Employees "APPLE Plan NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. That the Council does hereby adopt the City of Pleasanton APPLE Plan to provide retirement benefits to part-time and temporary employees of the City in lieu of coverage under Social Security, to be effective June 1, 2010. SECTION 2. That the Council hereby designates the City as the Plan Administrator. SECTION 3. That the Council hereby designates the City as the Trustee of the Plan. SECTION 4. That the Council hereby authorizes the City Manager to enter into contracts, which provide ongoing administrative consulting services in connection with the operation of the Plan; arrange funding of the Plan through a funding company; to communicate the Plan to eligible employees of the City; and perform related services in connection with the APPLE Plan. SECTION 5. That the appropriate City officials, as designated by the City Manager, are hereby authorized to execute such documents and instruments and to take all such actions deemed necessary or appropriate to carry out the purpose and intent of the foregoing resolutions. PASSED, APPROVED, AND ADOPTED by the City Council of the City of Pleasanton at a regular meeting held on May 18, 2010.