Resolution No. 6645RESOLUTION NO. 6645
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
APPROVING THE ADOPTION OF THE PUBLIC AGENCIES
POST - EMPLOYMENT BENEFITS TRUST 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 Cypress 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 solely
at its discretion.
NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF CYPRESS,
CALIFORNIA, DOES HEREBY:
SECTION 1. Adopt the PARS Public Agencies Post - Employment Benefits Trust, effective
September 11, 2017; and
SECTION 2. Appoints the City Manager, or his /her successor, or his /her designee as the
City's Plan Administrator for the Program; and
SECTION 3. Authorize the City's 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 maintain compliance of any relevant regulation
issued or as may be issued; therefore, authorize the City's Plan Administrator to take whatever
additional actions are required to administer the City's Program.
SECTION 4. Authorize the City's Plan Administrator to make initial contributions to the Trust
from cash reserves available in the City's Employee Benefits Fund for a not to exceed amount of $10
million. Any additional contributions will be determined in conjunction with the annual budget process.
PASSED AND ADOPTED by the City Council of the City of Cypress, at a regular meeting held
on the 11th day of September, 2017.
PASSED AND ADOPTED by the City Council of the City of Cypress at a regular meeting held
on the 1 lth day of September, 2017.
ATTEST:
CITY CLERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
9aei
R OF THE CITY OF CYPRESS
I, DENISE BASHAM, City Clerk of the City of Cypress, DO HEREBY CERTIFY that the
foregoing Resolution was duly adopted at a regular meeting of the said City Council held on the 11th
day of September, 2017, by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: Berry, Johnson, Yarc, and Peat
NOES: 1 COUNCIL MEMBERS: Morales
ABSENT: 0 COUNCIL MEMBERS: None
CITY CLERK OF THE CITY OF CYPRESS
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