RESOLUTION HFPD NO. 2023-05
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE HESPERIA FIRE PROTECTION DISTRICT, HESPERIA, CALIFORNIA, APPROVING THE TERMINATION OF THE HESPERIA FIRE PROTECTION DISTRICT’S PARTICIPATION IN THE PARS PUBLIC AGENCIES POST-EMPLOYMENT BENEFITS TRUST PROGRAM WHEREAS, the Board of Directors adopted the Multiple Employer OPEB/Pension Trust on May 23, 2023; and
WHEREAS, Resolution No. 2023-03 prescribes the Boards desire to terminate the District’s participation in the PARS Public Agencies Post-Employment Benefits Trust Program and establish a OPEB/Pension Trust with Shuster Advisory Group, LLC; and WHEREAS, the Hesperia Fire Protection District (“District”) is eligible to participate in 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 thereunder, and the Trust is a tax-exempt trust under the relevant statutory provisions of the State of California; and WHEREAS, the District reserves the right to make contributions, if any, to the Section 115 Trust; and NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE HESPERIA FIRE PROTECTION DISTRICT AS FOLLOWS:
Section 1. That the recitals above are true and correct and adopted as findings.
Section 2. The Board of Directors hereby amends Resolution No. 2023-03 and authorizes the termination of the Hesperia Fire Protection District’s participation in the PARS Public Agencies Post-Employment Benefits Trust Program, all services, administration, and investment contracts with PARS and US Bank, N.A. (“U.S. Bank”), including the services of U.S. Bank as Trustee.
Section 3. The Board of Directors certifies that the successor Trust satisfies the requirements of Section 115 of the Internal Revenue Code and that all assets held by that Trust shall qualify as “plan assets” that are irrevocably dedicated to the prefunding of pension obligations.
Section 4. The Board of Directors hereby acknowledges that there are no assets to transfer from PARS.
Section 5. Upon the complete termination of the District’s participation in the PARS Public Agencies Post-Employment Benefits Trust Program on or around July 31, 2023, PARS is removed as trust administrator and U.S. Bank is removed as trustee.
Section 6. That said action was taken during a regular meeting of the Hesperia Fire Protection District.
Section 7. That the City Clerk shall certify to the passage and adoption of this resolution and enter it into the book of original resolutions.
ADOPTED AND APPROVED this 20th day of June 2023.
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Brigit Bennington, Mayor/Chair
ATTEST:
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Erin Baum, Assistant City Clerk/Secretary
Resolution HFPD No. 2023-05