Resolution #25-01 Public Agency Retirement Services

WHEREAS it is determined to be in the best fiscal interest of the District and its employees to provide a retirement incentive offer to eligible employees who wish to voluntarily exercise their option to separate from District Service:

WHEREAS there is no cash option available to employees In lleu of this retirement incentive ofter;

WHEREAS Public Agency Retirement Services (PARS) has made available to the District a Supplementary Retirement Plan, a retirement incentive program supplementing STRS/PERS, and qualifying under the relevant sections of Section 403(b) of the Internal Revenue Code;

WHEREAS the District, pursuant to applicable policy and/or a collective bargaining agreement, desires to adopt the Supplementary Retirement Plan end to tune, the incentive through nonelectlve employer contributions to the PARS designated 403(b) provider.

NOW THEREFORE, BE IT RESOLVED THAT:

1. The Governing Board of Trustees of the District hereby adopts the PARS Supplementary Retirement Plan, as part of the District retirement program, effective January 16, 2025: and

2. The retirement Incentive must meet the District's fiscal and operational objectives in order for the plan to go into effect. If these goals are not reached, the District may withdraw the retirement Incentive. If the District withdraws the retirement incentive, resignations may be rescinded; and

3. The Board of Trustees of the District hereby appoints the Assistant Superintendent Human Resources. or his/her successor or his/her designee as the District's Plan Administrator; end

4. The District's PAAS Plan Administrator is hereby authorized to execute the contracts, custodial agreement facilitating the payment of contributions to the 403(b) arrangement, and other legal documents related to a trust or the plan on behalf of the District and to take whatever additional actions are necessary to maintain the District's participation in the plan and to maintain compliance of any relevant regulations Issued.

AYES: 5

NOES: 0

ABSENT: 0

Abstain: 0

State of California
County of Ventura

Tom McCoy, the Secretary of the Board of Trustees of the Oxnard Union High School District of Ventura County, California, hereby certifies that the above foregoing resolution was duty and regularly adopted by said District at a regular meeting thereof held on the 15th of January, 2025, and passed by a 5-0 vote of said Board.

IN WITNESS WHEREOF I have hereunto set my hand and seal this January 15, 2025.