HomeMy WebLinkAboutCC RESO 2018-38RESOLUTION NO. 2018 — 38
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING THE ADOPTION OF THE PUBLIC AGENCIES POST -EMPLOYMENT
BENEFITS TRUST ADMINISTERED BY PUBLIC AGENCY RETIREMENT
SERVICES (PARS) TO PREFUND THE CITY'S UNFUNDED PENSION
LIABILITIES; APPOINTING THE CITY MANAGER AS THE PLAN
ADMINISTRATOR FOR THE TRUST, AND AUTHORIZING THE PLAN
ADMINISTRATOR TO EXECUTE THE DOCUMENTS NECESSARY
TO ESTABLISH AND MAINTAIN THE CITY'S TRUST ACCOUNT
WHEREAS, 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 other post -employment benefits ("OPEB") obligations; and
WHEREAS, the City of National 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; 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
Program.
WHEREAS, the City reserves the right to make contributions, if any, to the
NOW THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby adopts the Public Agencies Post -Employment Benefits Trust (the
"Program") administered by Public Agency Retirement Services (PARS), effective March 20,
2018, to prefund the City's unfunded pension liabilities.
BE IT FURTHER RESOLVED that the City Council hereby appoints the City
Manager, or her successor or designee, as the Plan Administrator.
BE IT FURTHER RESOLVED that the City Council hereby authorizes the City's
Plan Administrator to execute the legal and administrative documents necessary to implement
the Plan.
[Signature Page to Follow]
Resolution No. 2018 — 38
Page Two
PASSED and ADOPTED this 20th day of M018.
on Morrison, Mayor
ATTEST:
Mi ael R. Dalla, city Clerk
APPROVED AS TO FORM:
orr-Jones
Attorney
Passed and adopted by the Council of the City of National City, California, on
March 20, 2018 by the following vote, to -wit:
Ayes: Councilmembers Cano, Mendivil, Morrison, Sotelo-Solis.
Nays: None.
Absent: Rios.
Abstain: None.
AUTHENTICATED BY:
RON MORRISON
Mayor of the City of National City, California
/i4%)))
City lerk of the City of National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2018-38 of the City of National City, California, passed and adopted
by the Council of said City on March 20, 2018.
City Clerk of the City of National City, California
By:
Deputy