1 Resolution No. 2026-____
Date Adopted: February 3, 2026
RESOLUTION NO. 2026-###
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MORENO VALLEY,
CALIFORNIA, AUTHORIZING THE CITY MANAGER TO EXECUTE AGREEMENTS TO TRANSFER ADMINISTRATION OF THE CITY’S PENSION IRC SECTION 115 TRUST TO SHUSTER ADVISORY GROUP, LLC, AND TO TRANSFER THE TRUST’S
ASSETS TO CHARLES SCHWAB TRUST BANK AND TO NAME ALTA TRUST
COMPANY AS DIRECTED TRUSTEE
WHEREAS, Shuster Advisory Group, LLC (“Shuster”) has made available the Multiple Employer OPEB/Pension 115 Trust ( “Trust”) for the purpose of pre -funding pension obligations and/or OPEB obligations; and
WHEREAS, the City of Moreno Valley (“City”) is eligi ble 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 there under, and the Trust is a tax-exempt trust under the relevant statutory provisions of the State of California; and
WHEREAS, Alta Trust Company satisfies the Trustee requirements under IR C Section 115; and
WHEREAS, all qualified assets current ly held in the City’s Public Agency Retirement Services ( “PARS”) Public Agenc ies Post-Employment Benefit s Trust are irrevocably dedicated to prefunding the City’s pension obligations; and
WHEREAS, the City’s adoption and operation of the Trust 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 Trust; and
WHEREAS, the City Council has prudently set aside funds for pre-funding pension obligations; and
WHEREAS, the City’s funding of the Trust 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 Trust.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MORENO VALLEY, DOES HEREBY RESOLVE AS FOLLOWS:
2 Resolution No. 2026-____
Date Adopted: February 3, 2026
SECTION 1. The City Council hereby adopts the Shuster Multiple Employer OPEB/Pension 115 Trust, effective February 3, 2026; and
SECTION 2. The City Council hereby authorizes the termination of the City of Moreno Valley’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; and
SECTION 3. The City Council hereby authorizes the appointment of Alta Trust Company as successor Trustee and Charles Schwab Trust Bank as custodian of the assets. The transfer of assets is contingent upon the acceptance of the successor Trustee and custodian; and
SECTION 4. The City Council certifies that the successo r 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; and
SECTION 5. The City Council hereby authorizes the liquidation and transfer of all assets to Charles Schwab Trust Bank, as soon as administratively practicable; and
SECTION 6. Upon the complete transfer of assets on or around [DATE TBD] , PARS is removed as trust administrator and U.S. Bank is removed as Trustee; and
SECTION 7. The City Council hereby appoints the City Manager, or his/her successor or his/her designee, as the City’s Administrator for the Trust; and
SECTION 8. The City’s Administrator is hereby authorized to execute th e 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 Trust and to maintain compliance with 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 Trust.
3 Resolution No. 2026-____
Date Adopted: February 3, 2026
APPROVED AND ADOPTED this 3rd day of February 2026.
___________________________
Mayor of the City of Moreno Valley
ATTEST:
____________________________
City Clerk
APPROVED AS TO FORM:
____________________________
City Attorney
4 Resolution No. 2026-____
Date Adopted: February 3, 2026
RESOLUTION JURAT
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF MORENO VALLEY )
I, M. Patricia Rodriguez, City Clerk of the City of Moreno Valley, California, do hereby certify that Resolution No. 2026-__ was duly and regularly adopted by the City Council of th e City of Moreno Valley at a regular meeting thereof held on the 3 rd day of February 2026 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
(Council Members, Mayor Pro Tem and Mayor)
_________________________________
City Clerk
(SEAL)