2017-046 - Establishing the Public Agency Retirement Services Other Post-Employment Benefits (Pension) Trust Administered by PARSRESOLUTION 2017 -046
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS
ESTABLISHING THE PUBLIC AGENCY RETIREMENT SERVICES OTHER POST -
EMPLOYMENT BENEFITS (PENSION) TRUST ADMINISTERED BY THE PUBLIC AGENCY
RETIREMENT SERVICES (PARS)
WHEREAS, PARS has made available the PARS Public Agencies Post - Employment
Benefits (pension) Trust (the "Program ") for the purpose of pre- funding pension obligations
and /or OPEB obligations; and
WHEREAS, the Town of Los Gatos ( "Town ") is eligible to participate in the Program, a
tax - exempt trust performing an essential governmental function within the meaning of Section
115 of the Internal Revenue Code, as amended, and the Regulations issued there under, and is
a tax - exempt trust under the relevant statutory provisions of the State of California; and
WHEREAS, the Town's adoption and operation of the Program has no effect on any
current or former employee's entitlement to post - employment benefits (pension); and
WHEREAS, the terms and conditions of post - employment benefit (pension) entitlement,
if any, are governed by contracts separate from and independent of the Program; and
WHEREAS, the Town's funding of the Program does not, and is not intended to, create
any new vested right to any benefit nor strengthen any existing vested right; and
and
WHEREAS, the Town reserves the right to make contributions, if any, to the Program;
NOW, THEREFORE, BE IT RESOLVED THAT:
1. The Town Council hereby adopts the PARS Public Agencies Post - Employment
Benefits (pension) Trust, effective August 15, 2017; and
2. The Town Council hereby appoints the Town Manager /Director of Finance or
their successor or their designee as the Town's Plan Administrator for the
Program; and
3. The Town's Plan Administrator is hereby authorized to execute PARS legal and
administrative documents on behalf of the Town and to take whatever
additional actions are necessary to maintain the Town's participation in the
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Resolution 2017 -046 August 15, 2017
Program and to maintain compliance of any relevant regulation issued or as
may be issued; therefore, authorizing him /her to take whatever additional
actions are required to administer the Town's Program.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 15`h day of August, 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 OFT TOWN LOS GATOS
LOS GATOS, C ORNIA
DATE: 6— 1(o J
ATTEST:
St -twin
CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS
LOS GATOOS,, CALIFORNIA
DATE: 161 J I "[
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Resolution 2017 -046 August 15, 2017