2017-062 - Establishing a Pension and OPEB Trust Oversight CommitteeRESOLUTION 2017 - 062
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS ESTABLISHING A PENSION
AND OPEB TRUST OVERSIGHT COMMITTEE
WHEREAS, the Town Council established the Town of Los Gatos IRS Section 115 Pension
Trust ( "115 Pension Trust ") and California Employers' Retiree Benefit Trust (CERBT), in order to
provide for funding of pension, retiree health and other post - employment benefits (OPEB) for
the Towns eligible retirees .
WHEREAS, the Town Council has determined that there is a need for an Oversight
Committee (Pension and OPEB Oversight Committee) in order to perform the fiduciary duties
associated with the management of pension and OPEB assets.
WHEREAS, the Town Council has determined that Pension and OPEB Oversight
Committee shall consist of all five (5) members of Council.
WHEREAS, the Pension and OPEB Oversight Committee will ensure that assets are
managed in compliance with Federal, State, and local laws and regulations.
WHEREAS, the Pension and OPEB Oversight Committee will ensure that assets are
managed
a) Solely in the interest of, and for the exclusive purposes of providing benefits to,
participants and their beneficiaries, minimizing employer contributions thereto, and
defraying reasonable expenses of administering the Pension and OPEB trusts;
b) The members of the Committee discharge their duties with the care, skill, prudence,
and diligence under the circumstances then prevailing that a prudent person acting in a
like capacity and familiar with these matters would use in the conduct of an enterprise
of a like character and with like aims; and
c) By diversifying the investments of the Pension and OPEB Trusts so as to minimize the
risk of loss and maximize the rate of return, unless under the circumstances it is clearly
not prudent to do so."
WHEREAS, The Pension and OPEB Oversight Committee will establish a regular time and
location for its meetings and shall conduct its meetings in compliance with the provisions of the
Ralph M. Brown Act and minutes of the actions taken during the Committee's meetings shall be
kept and shall be a public record.
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Resolution 2017 -062 11/7/2017
NOW, THEREFORE, BE IT RESOLVED: that the Pension and OPEB Oversight Committee is hereby
established.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 7th day of November 2017 by the following vote:
COUNCIL MEMBERS:
AYES: Marcia Jensen, Steve Leonardis, Rob Rennie, Barbara Spector, Mayor Marico Sayoc
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED:
MAYOR OF THE OWN OS GATOS
LOS GATOS, CALIFORNIA
DATE: Z75
ATTEST:
CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE:
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Resolution 2017 -062 11/7/2017