HomeMy WebLinkAboutRES 2015-48RESOLUTION NO. 2015- 48
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND BAR,
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AUTHORIZING THE
CITY MANAGER TO ENTER INTO AN AGREEMENT FOR OTHER POST -
EMPLOYMENT BENEFITS (OPER) TRUST ADMINISTRATION AND
INVESTMENT MANAGEMENT SERVICES WITH CALIFORNIA PUBLIC
EMPLOYEES RETIREMENT SYSTEM (CALPERS) AND APPROVE
DELEGATION OF AUTHORITY TO REQUEST DISBURSEMENTS FOR
QUALIFIED OPER EXPENSES
A. RECITALS
WHEREAS, the City provides medical benefits to retirees know as Other
Post Employment Benefits (OPEB) and currently funds its OPEB expenses on a
"pay-as-you-go" basis; and
WHEREAS, it is determined that it is in the best interest of the City of
Diamond Bar (the "City") and its retirees to set aside funds for OPEB in an
irrevocable trust dedicated to paying the expenses of OPEB and to ensure that
such funds are invested in a prudent manner; and
WHEREAS, the California Public Employee's Retirement System
(CaIPERS) has established the California Employers' Retiree Benefit Trust
(CERBT) to manage OPEB funds for public agencies.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DIAMOND
BAR DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That the City Council of the City of Diamond Bar hereby
approves the CERBT Agreement and Election of the City of Diamond Bar To
Prefund Other Post Employment Benefits through CaIPERS ("Agreement") set
forth in Attachment 2.
SECTION 2. That the City Council of the City of Diamond Bar hereby
authorizes the City Manager, or his or her designee, to execute all documents to
facilitate the funding, investment management and administration of the City's
Other Post Employment Benefits (OPEB).
SECTION 3. That the City Council of the City of Diamond Bar hereby
delegates the City Manager, or his or her designee, authority to request on behalf
of the City disbursements from the OPEB Trust as needed for expenses, and to
certify as to the purpose for which the disbursed funds will be used.
2015-48
PASSED, APPROVED AND ADOPTED THIS 15th Day of December, 2015.
Nan y Lyons, Mayor
I, Tommye Cribbins, City Clerk of the City of Diamond Bar, do hereby
certify that the foregoing Resolution was passed, approved and adopted at a
regular meeting of the City Council of the City of Diamond Bar held on the 15th
day of December, 2015, by the following vote:
AYES: COUNCIL MEMBERS: Herrera, Low, Tye, MPT/Lin
M/Lyons
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAINED: COUNCIL MEMBERS: None
Tommye Cnbbins, City Clerk
2015-48