Resolution 15253CITY OF ALAMEDA RESOLUTION NO. 15253
AUTHORIZING PARTICIPATION IN PUBLIC AGENCIES
RETIREMENT SERVICES (PARS) POST-EMPLOYMENT BENEFITS
TRUST TO BE USED FOR PREFUNDING OF PENSION AND OTHER
POST-EMPLOYMENT BENEFITS (OPEB) OBLIGATIONS
WHEREAS, City of Alameda (“City”) is currently participating in the Public
Agencies Post-Retirement Health Care Plan Trust for the pre-funding of its retiree health
benefits and other post-employment benefits other than pension benefits (“OPEB”); and
WHEREAS, the City desires to set aside funds for the purpose of pre-funding its
CalPERS pension obligation that will be held in trust for the exclusive purpose of making
future contributions of the City’s required pension contributions and any employer
contributions in excess of such required contributions at the discretion of the City; and
WHEREAS, PARS has made available the PARS Public Agencies Post-
Employment Benefits Trust (the “Program”) for the purpose of pre-funding pension
obligations and/or OPEB obligations as specified in the City’s plans, policies and/or
applicable collective bargaining agreements; and
WHEREAS, the 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 can manage the pre-funding of its pension and OPEB
obligations in a single trust under this Program, thereby gaining administrative and cost
efficiencies; 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 Alameda
that:
1. the City Council hereby adopts the PARS Public Agencies Post-
Employment Benefits Trust, effective March 21, 2017;
2. the City Council hereby appoints the City Manager, or her/his successor or
designee, as the City’s Plan Administrator for the Program; and
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 her/him to take
whatever additional actions are required to administer the City’s Program;
and
4. The City Council, hereby authorizes the Plan Administrator, in accordance
with Section 3.3 of the Public Agencies Post-Retirement Health Care Plan
Trust adopted effective March 1, 2014 to withdraw from said Trust and direct
the transfer of assets held in said Trust to the OPEB Account established in
the name of the City under the Public Agencies Post-Employment Benefits
Trust, adopted herewith.