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