HomeMy WebLinkAbout16-050 - Resolutions RESOLUTION NO. 16-050 .
RESOLUTION OF THE CITY COUNCIL OF THE',CITY OF
RANCHO CUCAMONGA APPROVING THE ADOPTION OF THE
PUBLIC AGENCIES POST-EMPLOYMENT BENEFITS TRUST
ADMINISTERED BY PUBLIC AGENCY RETIREMENT
SERVICES (PARS)
WHEREAS, PARS has made available the PARS Public Agencies Post-Employment
Benefits Trust (the "Program") for the purpose of pre-funding pension obligations and/or OPEB
obligations; and
WHEREAS, the City is eligible to participate in the Program, a tax-exempt trust
performing an essential governmental function within the meaning of Section 115 of the Internal
Revenue Code, as amended, and the Regulations issued there under, and is a tax-exempt trust
under the relevant statutory provisions of the State of California; and
WHEREAS, the City's adoption and operation of the Program has no effect on any
current or former employee's entitlement to post-employment benefits; and
WHEREAS, the terms and conditions of post-employment benefit entitlement, if any,
are governed by contracts separate from and independent of the Program; and
WHEREAS, the City's funding of the Program does not, and is not intended to, create
any new vested right to any benefit nor strengthen any existing vested right; and
WHEREAS, the City reserves the right to make contributions, if any, to the Program.
NOW THEREFORE, be it resolved that:
1. The City Council hereby adopts the PARS Public Agencies Post-Employment Benefits
Trust, effective May 4, 2016; and
2. The City Council hereby appoints the City Manager, or his/her successor or his/her
designee as the City's Plan Administrator for the Program; and
3. The City's Plan Administrator is hereby authorized to execute the PARS legal and
administrative documents on behalf of the City and to take whatever additional actions
are necessary to maintain the City's participation in the Program and to maintain
compliance of any relevant regulation issued or as may be issued; therefore,
authorizing him/her to take whatever additional actions are required to administer the
City's Program.
Resolution No. 16-050 — Page 1 of 2
PASSED, APPROVED, AND ADOPTED this 4th day of May 2016.
AYES: Alexarider, Kennedy, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
Ary1� d L
w. Dennis Michael, ayor
ATTEST:
frtte/C r. /4l / 't•
ice C. Reynolds, C Clerk
I, JANICE C. REYNOLDS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 4`" day of May 2016.
Executed this 5t" day of May 2016, at Rancho Cucamonga, California.
ice C. Reynolds, Cit, Clerk
Resolution No. 16-050 — Page 2 of 2