HomeMy WebLinkAbout7128 RESOLUTION NO. 7128
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, APPROVING AN AGREEMENT WITH
CALIFORNIA EMPLOYERS' RETIREE BENEFIT TRUST ("CERBT")
FOR ESTABLIHSING SECTION 115 IRREVOCABLE OPEB TRUST;
AND DELEGATING AUTHORITY TO THE CITY MANAGER OR
DESIGNEE TO AUTHORIZE DISTRIBUTIONS FROM THE OPEB
TRUST FUND
WHEREAS, the City provides medical benefits to retirees known as other post-
employment benefits ("OPEB") and currently funds its OPEB expenses on a "pay-as-
you-go" basis; and
WHEREAS, the City Council desires to prefund other post-employment benefits
(OPEB) expenses by establishing an OPEB trust which would allow the City to invest its
OPEB assets in higher-yielding investments; and
WHEREAS, the City Council must approve entering into an agreement with
California Employers' Retiree Benefit Trust entitled "Agreement and Election of City of
Arcadia to Prefund Other Post-Employment Benefits through CaIPERS" for establishing
Section115 Irrevocable OPEB Trust; and
WHEREAS, the City Council must delegate authority to the Administrative
Services Director and City Treasurer to authorize distributions from the California
Employers' Retiree Benefit Trust fund.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. The City Manager or designee is authorized to execute the
"Agreement and Election of City of Arcadia to Prefund Other Post-Employment Benefits
through CaIPERS".
1
SECTION 2. The Administrative Services Director and City Treasurer are
authorized to request distribution from the California Employers' Retiree Benefit Trust
fund.
SECTION 3. The Clerk shall certify to the adoption of this Resolution.
Passed, approved and adopted this 21st day of June , 2016.
Mayor of the C y of Arcadia
ATTEST:
,a /f/
Jerk
APPROVED AS TO FORM:
Stephen P. Deitsch
City Attorney
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, GENE GLASCO, City Clerk of the City of Arcadia, hereby certifies that the
foregoing Resolution No. 7128 was passed and adopted by the City Council of the City of
Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said
Council held on the 21st day of June, 2016 and that said Resolution was adopted by the
following vote, to wit:
AYES: Council Member Amundson, Chandler, Tay, and Beck
NOES: None
ABSENT: Council Member Verlato
i
C =` of t' e City of Arcadia