HomeMy WebLinkAbout18-34 CC Resoltuion RESOLUTION NO. 18-34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA APPROVING THE ADOPTION OF THE
PUBLIC AGENCIES POST-EMPLOYMENT BENEFITS
TRUST ADMINISTERED BY PUBLIC AGENCY
RETIREMENT SERVICES (PARS)
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE
AS FOLLOWS:
Section 1. The City Council does hereby find, determine and declare that:
A. Public Agency Retirement Services ("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.
B. The City of Temecula ("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.
C. The City's adoption and operation of the Program has no effect on any
current or former employee's entitlement to post-employment benefits.
D. The terms and conditions of post-employment benefit entitlement, if any,
are governed by contracts separate from and independent of the Program.
E. 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.
F. The City reserves the right to make contributions, if any, to the Program.
Section 2. The City Council hereby approves the "Agreement for Administrative
Services" and the "Adoption Agreement for the Post-Employment Section 115 Trust,"
and authorizes the Mayor to execute said agreements on behalf of the City in
substantially the form presented to the Council.
Section 3. The City Council hereby appoints the City Manager as the City's Plan
Administrator for the Program. The City's Plan Administrator is hereby authorized to
execute such additional PARS legal and administrative documents on behalf of the City
as are necessary or convenient to implement the Trust and the Administrative Services
Agreement and to take whatever additional actions are necessary or convenient to
maintain the City's participation in the Program and to maintain compliance of any
relevant regulation issued or as may be issued and are required to administer the City's
Program.
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Section 4. The City Clerk shall certify the adoption of this resolution.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of
Temecula this 22nd day of May, 2018.
Matt Rahn, May r
ATTEST:
Randi Johl,, ity C erk
[SEAL]
Resos 18-34 2
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Randi Johl, City Clerk of the City of Temecula, do hereby certify that the
foregoing Resolution No. 18-34 was duly and regularly adopted by the City Council of
the City of Temecula at a meeting thereof held on the 22nd day of May, 2018, by the
following vote:
AYES: 3 COUNCIL MEMBERS: Naggar, Stewart, Rahn
NOES: 0 COUNCIL MEMBERS: None
ABSTAIN: 2 COUNCIL MEMBERS: Comerchero, Edwards
ABSENT: 0 COUNCIL MEMBERS: None
Randi Johl, ity Clerk
Resos 18-34 3