RESOLUTION 2023-###
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN PABLO 1) AUTHORIZING THE CITY OF SAN PABLO’S PARTICIPATION IN THE POST-EMPLOYEMNT BENEFITS
TRUST PROGRAM ADMNINISTERED BY PUBLIC AGENCY RETIREMENT SERVICES (PARS) AND U.S. BANK, 2) APPOINTING THE CITY MANAGER AS THE CITY’S PLAN ADMINISTRATOR, 3) AUTHORIZING THE CITY MANAGER TO EXECUTE THE PARS
ADMINISTRATIVE SERVICES AGREEMENT AND OTHER DOCUMENTS NECESSARY TO IMPLEMENT THE PROGRAM AND 4) APPROPRIATING $1.0 MILLION OF FY 2023- 24 GENERAL FUND DESIGNATED RESERVES TO FUND THIS POST -EMPLOYMENT BENEFITS TRUST PROGRAM.
WHEREAS, “Continue Fiscal Resilience, Fiscal Excellence and Fiscal Transparency” is an adopted City Council Priority contained in the adopted Fiscal Year 2023- 2025 City Council Priority Workplan, effective May 1, 2023;
WHEREAS, the FY 2023- 25 City Council Priority Workplan - Priority # 413 was adopted via Resolution No. #2023-058 which includes the priority to explore the creation of a Section 115 Trust Fund dedicated to Funding CalPERS pension obligation;
WHEREAS, PARS has made available the Public Agencies Post -Employment Benefits Trust (the “Program”) for the purpose of prefunding pension obligations and/or other post-employment benefits (“OPEB”) obligations;
WHEREAS, the City of San Pablo (“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 thereunder, and is a tax-exempt trust under the relevant statutory provisions of the State of California;
WHEREAS, the City’s participation in the Program has no effect on any current or former employee’s entitlement to post-employment benefits;
WHEREAS, the terms and conditions of post-employment benefit entitlement, if any, are governed by contracts separate from and independent of the Program;
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 the foregoing recitations are true and correct and are included herein by reference as findings; and
BE IT FURTHER RESOLVED that t he City Council hereby authorizes the City’s participation in the PARS Public Agencies Post -Employment Benefits Trust Program, effective January 1, 2024;
BE IT FURTHER RESOLVED that t he 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
BE IT FURTHER RESOLVED that the City’s Plan Administrator is hereby authorized to execute the PARS Administrative Services Agreement and other legal and administrative documents on behalf of the City that are necessary to implement, administer, and/or maintain the City’s participation in the Program; and
BE IT FURTHER RESOLVED
that the City Council of the City of San Pablo
authorizes a one-time appropriation of $1.0 million of FY 2023-24 General Fund Designated Reserves to fund this Post-Employment Benefits Trust Program.
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ADOPTED this 13th day of December 2023, by the following votes:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
ATTEST: APPROVED:
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Dorothy Gantt, City Clerk Patricia Ponce, Mayor