2015-32 RESOLUTION 2015-32
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A RESOLUTION RESCINDING RESOLUTION 1987-26 IN ITS-
ENTIRETY AND MAKING A FINDING THAT ALL -FUNDS
WERE DISTRIBUTED FOR THE BENEFIT OF THE
PARTICIPANTS.
WHEREAS, on November 15, 1979, the City Council adopted Resolution -1979-49,
"Adopting an Employees' Defined Contribution Retirement Plan..."; and
WHEREAS, on November 12, 1987 the City Council rescinded Resolution 1979-49 and
replaced it with Resolution 1987-26; and
WHEREAS, on October 26, 1989, the City Council adopted Ordinance 119, adopting the
CalPERS Retirement system as the City's retirement plan.
WHEREAS, under the terms of the CalPERS contract the City transferred retirement
credit from the local retirement plan to CalPERS; and
WHEREAS, a review of City records has determined that all former participants of the
City's retirement plan not transferred to CalPERS received- a lump-sum distribution of all
money's owed to them under that plan;
i THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND TERRACE
HEREBY RESOLVES THE FOLLOWING:
1. The City Council hereby finds that the retirement trust created under Resolution
1979-49 and amended with Resolution 1987-26 has been defunded.
2. The City Council hereby finds that any remaining retirement assets originally covered
by Resolution 1987-26 for current and former employees are now vested solely with
CalPERS.
3. Resolution 1987-26, and any actions in furtherance thereof, are now rescinded in their
entirety.
PASSED, APPROVED AND ADOPTED by the City. Council of Grand Terrace at a
regular meeting held on the l l th day of August, 2015 by the following vote:
Darcy tcN�abol
or
RESOLUTION NO. 2015-32 PAGE 1 OF 2 AUGUST 11,2015
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ATTEST:
Pat Jacqu es,
City Clerk
I, PAT JACQUEZ-NARES, City Clerk of the City of Grand Terrace, do hereby certify that the
foregoing Resolution was introduced and adopted at a regular meeting of the City Council of the
City of Grand Terrace held on the 11 th day of August, 2015 by the following vote:
AYES: Council Members Hussey, Wilson, Mitchell, Mayor Pro Tem Robles,
Mayor McNaboe
NOES: None
ABSENT: None
ABSTAIN: None
Pat Jacqu -
City Clerk
APPROVED AS TO FORM
t
'chard .-Adams II
City Attorney
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RESOLUTION NO. 2015-32 PAGE 2 OF 2 AUGUST;11, 2015