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09/25/2017 <br /> RESOLUTION NO. 15620 <br /> RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br /> CITY APPROVING THE ADOPTION OF THE PUBLIC AGENCIES <br /> POST-EMPLOYMENT BENEFITS TRUST ADMINISTERED BY PUBLIC <br /> AGENCY RETIREMENT SERVICES (PARS) <br /> WHEREAS , Public Agency Retirement Services ("PARS") has made available the <br /> PARS Public Agencies Post-Employment Benefits Trust (the " Program") for the purpose of <br /> pre-funding pension obligations and/or other post-employment benefits ("OPEB") <br /> obligations; and <br /> WHEREAS, the City of Redwood City ("City") is eligible to participate in the <br /> Program, a tax-exempt trust performing an essential governmental function within the <br /> meaning of Section 115 of the Internal Revenue Code, as amended , and the Regulations <br /> issued there under, and is a tax-exempt trust under the relevant statutory provisions of the <br /> State of California; and <br /> WHEREAS , the City's adoption and operation of the Program has no effect on any <br /> current or former employee's entitlement to post-employment benefits; and <br /> WHEREAS , the terms and conditions of post-employment benefit entitlement, if any, <br /> are governed by contracts separate from and independent of the Program ; and <br /> WHEREAS , the City's funding of the Program does not, and is not intended to , <br /> create any new vested right to any benefit nor strengthen any existing vested right; and <br /> WHEREAS , the City reserves the right to make contributions, if any, to the <br /> Program . <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> REDWOOD CITY AS FOLLOWS : <br /> 1 , The City Council hereby adopts the PARS Public Agencies Post-Employment <br /> Benefits Trust, effective September 25 , 2017; and <br /> 2 . The City Council hereby appoints the City Manager, or her successor or <br /> designee , as the City's Plan Administrator for the Program ; and <br /> 3. The City's Plan Administrator is hereby authorized to execute the PARS legal <br /> and administrative documents on behalf of the City and to take whatever additional actions <br /> are necessary to maintain the City's participation in the Program and to maintain <br /> compliance of any relevant regulation issued or as may be issued ; therefore, authorizing <br /> her to take whatever additional actions are required to administer the City's Program. <br /> * <br /> ATTY/RES0.0089/CC RESO APPROVING THE ADOPTION OF PARS RESO. NO. 15620 <br /> REV: 09-18-17 MI MUFF NO. 904 <br /> Page 1of1 <br />