HomeMy WebLinkAbout2011-12-13 - RESOLUTIONS - PARS TRUST (2)RESOLUTION NO. 11 -89
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARJTA, CALIFORNIA, TO ADOPT THE PUBLIC
AGENCY RETIREMENT SERVICES (PARS) PUBLIC
AGENCIES POST-RETIREMENT HEALTH CARE PLAN § 115
TRUST TO PREFUND OTHER POST EMPLOYMENT
BENEFITS
WHEREAS, the Governmental Accounting Standards Board (GASB) issued Statement
No. 45 that establishes rules for the measurement, recognition and display of Other Post
Employment Benefits (OPEB) expbri7ses dfid-expefiditures by publib dgencies; and
WHEREAS, the City of Santa Clarita, California (the "City") has conducted an actuarial
valuation to determine the City's obligation to fund OPEB and has determined that it serves the
City's interest to prefund those benefits; and
WHEREAS, it is determined to be in the best interest of the City to participate in the
Public Agency Retirement Services (PARS) Public Agencies Post -Retirement Health Care Plan
Trust (the "Program") to fund post -employment benefits for its employees as specified in the
City's policies and/or applicable collective bargaining agreements; and
WHEREAS, the City is eligible to participate in the Program, a tax-exempt trust and plan
performing an essential governmental function within the meaning of Section 115 of the Internal
Revenue Code, as amended, and the Regulations issued thereunder, and is a tax-exempt trust
under. the relevant statutory provisions of the State of California.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve as
follows:
SECTION 1. The City Council hereby adopts the PARS Public Agencies
Post -Retirement Health Care Plan Trust (the "Trust"), including the PARS Public Agencies
Post -Retirement Health Care Plan ("Plan"), as part of the City Retirement Program, effective
December 13, 2011.
SECTION 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.
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SECTION 3. The City Council hereby approves the form of the Trust Agreement, Master
Plan Document, Adoption Agreement, and Agreement for Administrative Services and
authorizes the City Manager to execute the Adoption Agreement, Agreement for Administrative
Services, any trustee/investment management forms, (collectively, the "Prograrn Documents"), in
the name of and on behalf of the City, in substantially the form on file with the City Clerk,
together with any additions to or changes in the form of the Program Documents subsequent to
this meeting; and, further authorizes the City's Plan Administrator 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 PARS plan(s).
SECTION 4. This Resolution shall take effect immediately upon its adoption;
PASSED, APPROVED AND ADOPTED this 13th day of December 2011.
ATTEST:
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CITY CLERK
DATE: / lqll,)
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF SANTA CLARITA
1, Sarah P. Gorman, City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a
regular meeting thereof, held on the 13th day of December 2011, by the following vote:
AYES: COUNCILMEMBERS: Weste, Ferry, Kellar, McLean, Ender
NOES: COUNCILMEMBERS: None
ABSENT: - COUNCILMEMBERS: None
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CII'YCLERK
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STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF SANTA CLARITA
CERTIFICATION OF
CITY COUNCIL RESOLUTION
1, , City Clerk of the City of Santa Clarita, do
hereby certify that this is a true and correct copy of the original Resolution 11 -89 adopted by the
City Council of the City of Santa Clarita, California on December 1-3), 2011, which is now on file
in my office.
Witness my hand and seal of the City of Santa Clarita, California, this _ day of
2012.
City Clerk
By
Deputy City Clerk