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C <br /> RESOLUTION NO. P- 2132 <br /> RESOLUTION ESTABLISHING FUNDING POLICY FOR <br /> POSTEMPLOYMENT BENEFITS OTHER THAN PENSION <br /> Whereas, the City of Redwood City, by and through its Board of Port <br /> Commissioners ( "Port"), desires to adopt a funding policy for postemployment <br /> benefits other than pension in accordance with Govemment Accounting <br /> Standards Board Statements No. 43, Financial Reporting for Postemployment <br /> Benefit Plans Other Than Pension Plans; No. 45, Accounting and Financial <br /> Reporting by Employers for Postemployment Benefits Other Than Pension <br /> ( "OPEB "); and Statement No. 57 OPEB Measurements by Agent Employers and <br /> Agent Multiple Employer Plans. <br /> NOW THEREFORE, <br /> BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE <br /> PORT OF REDWOOD CITY, AS FOLLOWS: <br /> Section I <br /> Prefundinq Plan <br /> The Port shall apply for participation in the Califomia Employers' Retiree <br /> Benefit Trust (the "CERBT ") Fund, a Section 115 Trust, for the purpose of <br /> prefunding its OPEB expense and liability. <br /> Funding Strategy <br /> The Port annually shall pay over to the CERBT Fund (the "Prefunding <br /> Plan ") an amount equal to one hundred percent (100 %) of the Annual Required <br /> Contribution (the "ARC "), based on the most current valuation of the OPEB <br /> expense and liability at time of payment. <br /> Valuation <br /> The amount of the ARC shall be determined by valuation calculated no <br /> less frequently than biennially, using the Altemative Measurement Method <br /> (AMM), and satisfying all of the criteria required by the CERBT Fund. <br /> Disbursements <br /> Requests for disbursement from the Prefunding Plan shall be approved by <br /> the Port Executive Director or the Director of Finance and Administration, and <br /> shall be equal to the actual amount paid out by the Port to eligible retiree(s) in <br /> Reso 182 1 <br /> FXS/fs <br /> 04/13/2011 <br /> scanned <br />