ATTACHMENT NO. 1ATTACHMENT NO. 1 RESOLUTION NO. 2024-07 ATTACHMENT NO. 1
ATTACHMENT NO. 1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POMONA, CALIFORNIA, APPROVING THE ADOPTION OF THE PUBLIC AGENCIES POST-EMPLOYMENT BENEFITS TRUST ADMINISTERED BY PUBLIC AGENCY REIREMENT 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 WHEREAS, the City of Pomona (“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 by the City Council of the City of Pomona, California, as follows:
SECTION 1. The City Council hereby adopts the PARS Public Agencies Post-employment Benefits Trust, effective January 22, 2024; and SECTION 2. The City Council hereby appoints the Finance Director / City Treasurer, or his/her successor or his/her designee as the City’s Plan Administrator for the Program; and SECTION 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.
SECTION 5. The City Clerk shall certify the passage and adoption of this resolution, and it shall thereupon be in full force and effect.
APPROVED AND ADOPTED this 22nd day of January, 2024.
ATTEST: CITY OF POMONA:
Rosalia A. Butler, City Clerk Tim Sandoval, Mayor
APPROVED AS TO FORM:
Sonia Carvalho, City Attorney
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF POMONA
I, ROSALIA A. BUTLER, CITY CLERK of the City of Pomona do hereby certify that the foregoing Resolution was adopted at a regular meeting of the City Council of the City of Pomona held on the 22nd day of January, 2024 by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
_____________________________
Rosalia A. Butler, City Clerk
Resolution No. 2024-05
January 22, 2024