HomeMy WebLinkAbout2019 006 CC RESO RESOLUTION NO. 2019-006
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN
PARK, APPROVING THE AGREEMENT AND ELECTION TO PREFUND
OTHER POST-EMPLOYMENT BENEFITS (OPEB) WITH THE
CALIFORNIA EMPLOYERS' RETIREMENT BENEFIT TRUST FUND
(CERBT) ADMINISTERED THROUGH THE CALIFORNIA PUBLIC
EMPLOYEES RETIREMENT SYSTEM (CaIPERS) AND APPROVE THE
DELEGATION OF AUTHORITY TO REQUEST DISBURSEMENTS
WHEREAS, the City provides required health insurance benefits to retirees, also
known as Other Post-Employment benefits (OPEB), and currently funds its OPEB
benefits on a "pay-as-you-go" basis; and
WHEREAS, it is determined that it is in the best interest of the City and its retirees
to set aside funds for OPEB obligations in an irrevocable trust dedicated to paying
OPEB expenses and to ensure that such funds are invested in a prudent manner; and
WHEREAS, the California Public Employees' Retirement System (CaIPERS)
has established the California Employers' Retiree Benefit Trust (CERBT) to manage
OPEB funds for public agencies through an irrevocable trust, in compliance with
hternal Revenue Code Section 115; and
WHEREAS, in order to establish an OPEB trust with CaIPERS, the City Council
must approve entering into an agreement with CaIPERS entitled "Agreement and
Election of the City of Baldwin Park to Prefund Other Post-Employment Benefits
through CaIPERS".
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF BALDWIN PARK
DOES RESOLVE AS FOLLOWS:
Section 1. The City Council does hereby approve the CERBT Agreement and
Election of the City of Baldwin Park to Prefund Other Post-Employment Benefits through
CaIPERS.
Section 2. The City Council does hereby delegate the City Manager and Director
of Finance, authority to request on behalf of the City eligible disbursements from the
OPEB Trust as needed and to certify as to the purpose for which the disbursed funds
will be used.
Section Z. The City Council does hereby authorize the City Manager and Director
of Finance, to execute all documents to facilitate the funding, investment management
and administration of the City's Other Post-Employment Benefits.
PASSED, APPROVED, AND ADOPTED this 20th da, of March 2019.
AYOR
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS:
CITY OF BALDWIN PARK
I, JEAN M. AYALA, City Clerk of the City of Baldwin Park do hereby certify that the foregoing
Resolution No. 2019-006 was duly adopted by the City Council of the City of Baldwin Park
at a regular meeting thereof held on March 20, 2019 and that the same was adopted by
the following vote to wit:
AYES: COUNCIL MEMBERS: Avila, Garcia, Hernandez, Lozano, Pacheco
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
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JEAN YA'
CITY • ' RK