Title:
Consider and take action on a resolution adopting PARS Public Agencies Post-Retirement Health Care Plan Trust including the PARS Public Agencies Post-Retirement Health Care Plan Effective June 1, 2024, as the City's other post-employment benefit trust and appointing the City Manager as Trustee (Director of Finance)
Background:
If approved, this item adopts the PARS Public Agencies Post-Retirement Health Care Plan trust, including the PARS Public Agencies Post-Retirement Health Care plan effective June 1, 2024. It will appoint the City Manager, or his/her successor or his/her designee as the plans administrator, and authorizes the plan administrator 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 regulations.
On January 9, 2024, RFP #24-007 Other Post Employment Benefits Services was issued and thee (3) proposals were received and opened on January 31st, 2024. After review of the proposals, Public Agency Retirements Services (PARS) was selected as the best value to the City.
Attachments:
1. Proposed Resolution
2. Exhibit A - PARS Agreement
FUNDING
{X} Requires Budget Amendment to transfer from Winter Storm URI (approximately $210,000) and COVID FEMA PA (approximately $65,000) funds to OPEB Trust. Both special revenue funds (URI & FEMA PA) will be closed as all available funds will be transferred to OPEB Trust.
STRATEGIC PLANNING
{X } Addresses Strategic Planning Critical Success Factor # 2 Financially Sustainable