HomeMy WebLinkAboutTC Res 2016-05-04RESOLUTION NO. 12-2016
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TIBURON
APPROVING THE ADOPTION OF THE PUBLIC AGENCIES POST
EMPLOYMENT BENEFIT TRUST ADMINISTERED BY
PUBLIC AGENCY RETIREMENT SERVICES (PARS)
WHEREAS, it is determined to be in the best interest of the Town of Tiburon (the
"Town") to participate in the PARS Public Agencies Post -Employment Benefit Trust (the
`Program") for the purpose of pre -funding pension obligations and/or OPEB obligations; and
WHEREAS, the Town is eligible to participate in the Program, a tax-exempt trust and
plan 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 Town 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, BE IT RESOLVED THAT:
1. The Council hereby adopts the PARS Public Agencies Post -Employment
Benefits Trust; and
2. The Council hereby appoints the Town Manager, or his/her 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.
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PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of
Tiburon on May 4, 2016 by the following vote:
AYES: COUNCILMEMBERS: Doyle, Fraser, Fredericks, O'Donnell, Tollini
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ERIN TOLLINI, MAYOR
Town of Tiburon
ATTEST:
t
DIANE CRANE IACOPI, TOWN CLERK
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