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HomeMy WebLinkAboutReso - CC - 100-2017RESOLUTION NO. 100-2017 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME 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 WHEREAS, the City of Burlingame ("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 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 WHEREAS, the City reserves the right to make contributions, if any, to the Program. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME RESOLVES AND ORDERS AS FOLLOWS: 1. The City Council hereby adopts the PARS Public Agencies Post -Employment Benefits Trust, effective September 1, 2017; and 2. The City Council hereby appoints the City Manager, or her successor or her 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 to take whatever additional actions are required to administer the City's Program. I, Meaghan Hassel Shearer the City Clerk of the City of Burlingame, do hereby certify that the foregoing resolution was introduced at a regular meeting of the City Council held on the 21st day of August 2017, and was adopted thereafter by the following vote: AYES: COUNCIL MEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ NOES: COUNCIL MEMBERS: ABSENT: COUNCIL MEMBERS: jt--_ MeMeaaghan Hassel Shearer, City Clerk