HomeMy WebLinkAbout1-18 RESOLUTION 01-18
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS ALTOS HILLS
APPROVING THE ADOPTION OF THE PUBLIC AGENCIES POST-EMPLOYMENT
BENEFITS TRUST ADMINISTERED BY PUBLIC AGENCY RETIREMENT
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/or OPEB
obligations; and
WHEREAS the Town of Los Altos Hills ("Town") 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 Town'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 Town'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 Town reserves the right to make contributions, if any, to the Program.
NOW THEREFORE, the City Council of the Town of Los Altos Hills does hereby resolve as
follows:
1. The City Council hereby adopts the PARS Public Agencies Post-Employment
Benefits Trust, effective January 22, 2018; and
2. The City Council hereby appoints the City Manager, or his successor or designee as
the Town's Plan Administrator for the Program; and
3. The Town's Plan Administrator is hereby authorized to execute the PARS legal and
administrative documents on behalf of the Town and to take whatever additional
actions are necessary to maintain the Town'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
Town's Program; and
4. The City Council authorize the transfer of$500,000 to PARS Public Agencies Post-
Employment Benefits Trust, upon adoption Investment Guideline/Investment Policy.
Resolution Ol-IN Page I
The above and foregoing Resolution was passed and adopted by the City Council of the Town of
Los Altos Hills at a regular meeting held on 18th day of January, 2018 by the following vote:
AYES: Radford, Spreen, Corrigan, Waldeck, Wu
NOES: None
ABSTAIN: None
ABSENT: None
John Radford, Mayor
ATTEST:
Deborah Padovan, City Clerk
Resolution 01-18 Page 2