Resolution - 2017-85RESOLUTION NO. 2017-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, CALIFORNIA, ESTABLISHING A PENSION RATE
STABILIZATION TRUST FUND ADMINISTERED BY PUBLIC
AGENCY RETIREMENT SERVICES (PARS)
WHEREAS, PARS has made available the PARS Public Agencies Post-Employment
Benefits Trust (the "Program") for the purpose of pre-funding pension obligations and/or OPEB
obligations; and
WHEREAS, the City of West Covina ("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 has 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.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST COVINA,
CALIFORNIA DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby establishes a Pension Rate Stabilization Trust
Fund to be administered by PARS through the PARS Public Agencies Post-Employment Benefits
Trust Program, effective September 5, 2017.
SECTION 2. The City Council hereby appoints the City Manager, or his/her successor or
his/her designee, as the City's Plan Administrator for the Program.
SECTION 3. The City's Plan Administrator is hereby authorized to execute the PARS
legal and administrative documents on behalf of the City and to take whatever additional actions
are necessary to maintain the City's participation in the 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 City's Program.
SECTION 4. The Council finds that this is not a project under the California
Environmental Quality Act and, therefore, no environmental impact assessment is necessary.
SECTION 5. The City Clerk-shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 5 th day of September, 2017.
APPROVED AS TO FORM
Kimberly Hall Barlow
City Attorney
ATTEST
qZ—P_ Ts0-1
Nickolas S. Lewis
City Clerk .
I, HEREBY CERTIFY that the foregoing resolution was duly adopted by the City Council
of the City of West Covina, California, at a regular meeting thereof on the 5 th day of September,
2017, by the following vote of the City Council:
AYES: Johnson, Toma, Spence
NOES: None
ABSENT: Wu, Warshaw
ABSTAIN: None