HomeMy Public PortalAbout2010.166 (08-03-10)RESOLUTION NO. 2010.166
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING
AN AGREEMENT AND .ELECTION TO PRE-FUND OTHER POST EMPLOYMENT
BENEFITS (OPEB) THROUGH CALPERS; AUTHORIZING THE MAYOR TO
EXECUTE THE AGREEMENT.; AND TO TAKE OTHER ACTIONS REQUIRED BY
CALPERS
WHEREAS, the City of Lynwood manages a retiree health benefit program
(Program) that pays some of the health insurance premium for retired City employees
who meet the eligibility requirements of the program; and
WHEREAS, it is in the City's best interests to comply with Governmental
Accounting Standards Board Statement No. 45 (GASB 45), which compels annual
payments on unfunded portions of the actuarial costs of retiree benefits; and ~ .
y
WHEREAS, the California Public Employees Retirement System (CaIPERS) has
created the California Employers' Retiree Benefit Trust Fund (CERBT) to assist public
agencies' compliance with GASB 45 and to manage investment of contracting agencies
reserve set aside to fund the costs of other post-employment benefits; and
WHEREAS, CaIPERS requires the governing body of a public agency, by
resolution, to approve an agreement with CaIPERS to participate in CERBT and a
delegation of authority to specific staff to request disbursement of funds needed for
,.Program costs.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
RESOLVE AS FOLLOWS:
,~
Section 1. The agreement with CaIPERS to participate in the Trust is
approved.
Section 2. The Mayor is authorized to execute the agreement and any
implementing or modifying documents as required by CaIPERS, in a form approved by
the City Attorney.
Section 3. The City Council delegates to the City Manager, the Assistant City
Manager, Human Resources Director, Finance Manager, Accounting/Audit Manager,
authority to request disbursements from the Trust for the expenses of the program and
to certify as to the purpose for which the disbursed fund will be used.
Section 4. Authorizes the deposit of the balance of the $537,000 budgeted in
FY 11 for post retiree health benefit costs to the CERBT.
Section 5. This Resolution shall go into effect upon its adoption.
PASSED, APPROVED and ADOPTED this 3~d day of August, 2010.
ATTEST:
GGi~" G~~~=-V
Maria T. Santillan, Mayor
J ~r
Maria Quinonez, City Clerk Roger .Haley, ity Manager
APPROVED A T FORM:
.Fred G lante, City Attorney
APPROVED AS TO CONTENT:
Robert S. Torre ss'stant City Manager
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the 3~d day of August, 2010.
AYES: COUNCIL MEMBERS FLORES, MORTON, RODRIGUEZ, AND
SANTILLAN
NOES.: NONE
ABSENT: COUNCIL MEMBER CASTRO
ABSTAIN: NONE
aria Quinonez, City Cler
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2010.166 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 3~d day of August, 2010.
Maria Quinonez, City Clerk