Reso 2021-086 Post Employment Benefits Trust

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RESOLUTION THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO.2021-0$b RESOLUTION OF THE CITY OF SAN LEANDRO CITY COUNCIL APPROVING AND ADOPTING THE PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST ADMINISTERED BY PUBLIC AGENCY RETIREMENT SERVICES (PARS) FOR PRE -FUNDING PENSION LIABILITIES (PROGRAM), APPOINTING THE CITY MANAGER AS THE PLAN'S ADMINISTRATOR FOR THE PROGRAM, AND AUTHORIZING THE CITY MANAGER AS THE PLAN ADMINISTRATOR FOR THE PROGRAM TO EXECUTE THE PARS AGREEMENT AND OTHER ADMINISTRATIVE DOCUMENTS AND TO TAKE OTHER ADDITIONAL ACTIONS WHEREAS, the City of San Leandro (the "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 andany employer contributions in excess of such required contributions at the discretion of the City; and WHEREAS, PARS has made available the Public Agencies Post -Employment Benefits Trust (the "Program") for the purpose of pre -funding both 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, the City of San Leandro City Council RESOLVES that: 1. The City Council hereby approves and adopts the Public Agencies Post -Employment Benefits Trust, effective June 7 , 2021; and