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RESOLITION 2007-110 <br />ADOPT RESOLUTION TO PARTICIPATE IN THE CALIFORNIA GOVERNMENT <br />VOLUNTARY EMPLOYEE BENEFICIARY ASSOCIATION (VEBA) TRUST AND <br />AUTHORIZE THE INTERIM TOWN MANAGER TO EXECUTE ANY DOCUMENTS <br />NECESSARY TO IMPLEMENT THE VEBA TRUST <br />WHEREAS, the Town maintains a comprehensive health and welfare benefit program for its <br />employees and their families; and, <br />WHEREAS, periodic modifications and or additions are made to the benefit programs; and <br />WHEREAS, the rising cost of health care is one of the most important cost containment issue for <br />employers and employees; and <br />WHEREAS, the tax advantages of a Voluntary Employee Beneficiary Association Trust will provide <br />employees with more assets for health care and related costs; and <br />WHEREAS, the California Governmental Voluntary Employee Beneficiary Association is a <br />governmental multi-employer plan that permits employees to accumulate assets for this purpose pursuant to <br />the provisions of Internal Revenue code section 501 (c)(9); and <br />WHEREAS, the California Governmental Voluntary Employee Beneficiary Association provides for <br />participation pursuant to collective bargaining agreements; <br />WHEREAS, it is necessary to execute plan documents to implement the plan; <br />NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Los Gatos, County <br />of Santa Clara, State of California, that participation in California Government Voluntary Employer <br />Beneficiary Association is hereby approved and the Interim Town Manager is authorized to execute any <br />documents necessary to implement the VEBA Trust. <br />PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos, <br />California, held on the 15th day of October, 2007 by the following vote: <br />COUNCIL, MEMBERS: <br />AYES: Steve Glickman, Diane McNutt, Barbara Spector, Mike Wasserman, and Mayor Joe Pirzynski <br />NAYS: None <br />ABSENT: <br />ABSTAIN <br />SIGNED: <br />YOR OF THE TOWN OF LOS GATOS <br />LOS GATOS, CALIFORNIA <br />ATTE <br />~._ <br />c`(~ <br />CL K OFT TOWN OF LOS GATOS --~ <br />LOS A• ,CALIFORNIA <br />