2020-010 - Pension Prefunding AdministrationRESOLUTION 2020-010
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
FOR PENSION PREFUNDING ADMINISTRATION
WHEREAS, the Town of Los Gatos ("Town") participates in the PARS Public Agencies Post -
Employment Benefits Trust, organized under Section 115 of the Internal Revenue Code and
irrevocably dedicated to prefunding the Town's Pension Obligations; and
WHEREAS, on April 14, 2020, the Town gave notice of its intent to terminate the Town's
participation in the PARS Public Agencies Post -Employment Benefits Trust; and
WHEREAS, on or around October 24, 2019, Council authorized the Town to enter into an
agreement with CaIPERS California Employers' Pension Prefunding Trust (CEPPT) for Pension
prefunding administration.
NOW, THEREFORE, BE IT RESOLVED:
1. The Town has entered into an agreement with CaIPERS California Employers' Pension
Prefunding Trust (CEPPT) for Pension prefunding administration, on January 31, 2020;
and
2. The Town certifies that the successor trust satisfies the requirements of Section 115
of the Internal Revenue Code and that all assets held by that trust shall qualify as "plan
assets" that are irrevocably dedicated to the prefunding of pension obligations; and
3. This transfer is contingent upon the successor trustee agreeing to accept that transfer
of the qualified assets held in the PARS Public Agencies Post -Employment Benefits
Trust; and
4. The Town hereby authorizes the liquidation and transfer of assets to the successor
trustee; CalPERS California Employers' Pension Prefunding Trust (CEPPT), effective as
soon as administratively practicable; and
5. Upon the complete transfer of assets, on or around May 15, 2020, Public Agency
Retirement Services (PARS) is hereby removed as trust administrator and U.S. Bank
N.A. is hereby removed as trustee; and
6. The Town's Plan Administrators, the Town Manager and the Director of Finance, or
their successors or designees, are hereby authorized to execute all legal documents
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Resolution 2020-010 April 14, 2020
and take whatever additional actions as necessary or appropriate to accomplish the
intentions of this resolution.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 211t day of April 2020, by the following vote:
COUNCIL MEMBERS:
AYES: Rob Rennie, Marico Sayoc, Barbara Spector, Mayor Marcia Jensen
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED:
MAYOR OF TH TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE: LZ
TOWN CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE: -1- �Z- ZOZC-�)
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Resolution 2020-010 April 14, 2020