HomeMy WebLinkAbout2023-09-12; City Council; Resolution 2023-238RESOLUTION NO. 2023-238 ----------------
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE ADOPTION OF THE PUBLIC AGENCIES POST
EMPLOYMENT BENEFITS TRUST ADMINISTERED BY PUBLIC AGENCY
RETIREMENT SERVICES
WHEREAS, it is determined to be in the best interest of the City of Carlsbad to set aside funds
for the purpose of pre-funding its California Public Employees' Retirement System {CalPERS) pension
obligations that will be held in trust for the exclusive purpose of making future contributions of the
city's required pension contributions and any employer contributions in excess of such required
contributions at the discretion of the city; and
WHEREAS, Public Agency Retirement Services (PARS) has made available the PARS Public
Agencies Post-Employment Benefits Trust {the Program) for the purpose of pre-funding the City of
Carlsbad's pension obligations; and
WHEREAS, the city 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 city's adoption and operation of the Program have no effect on any current or
former employee's entitlement to post-employment benefits; and
WHEREAS, the terms and conditions of post-employment benefit entitlement, if any, are
governed by contracts separate from and independent of the Program; and
WHEREAS, the city'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
WHEREAS, the city reserves the right to make contributions, if any, to the Program; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as
follows:
1.That the above recitations are true and correct.
2.That the City Council hereby adopts the PARS Public Agencies Post-Employment Benefits
Trust, effective September 12. 2023; and
3.The City Council hereby appoints the City Manager or their successor or their designee
as the city's Plan Administrator for the Program; and
4.The city's Plan Administrator is hereby authorized to execute legal and administrative
documents with the third-party administrator selected by the City Council and to take
whatever additional actions necessary to maintain the city's participation in the
Program and to maintain compliance with any relevant regulation issues or as may be
issued; therefore, authorizing him/her to take whatever additional actions are required
to administer the city's Program.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 12th day of September, 2023, by the following vote, to wit:
AYES:
NAYS:
ABSTAIN:
ABSENT:
Blackburn, Bhat-Patel, Acosta, Burkholder, Luna.
None.
None.
None.
'{1Y
KEITH BLACKBURN, Mayor
SHERRY FREISINGER, City Clerk
(SEAL)
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