HomeMy WebLinkAboutResolutions - No. 2016-191RESOLUTION NO. 2016-191
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING THE
CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS
TO ENTER OTHER POST -EMPLOYMENT BENEFITS
IRREVOCABLE TRUST WITH CALIFORNIA EMPLOYER'S
RETIREE BENEFIT TRUST PROGRAM; SELECTING INVESTMENT
STRATEGY 2; AND FURTHER APPROPRIATING FUNDS
WHEREAS, Council held Shirtsleeve meetings on February 2, February 9, and
September 13, 2016, to discuss a comprehensive set of budget and fiscal policies; and
WHEREAS, establishing an irrevocable trust to pre -fund the unfunded liability associated
with the City's Other Post -Employment Benefits (OPEB) costs is a prudent best practice for
local governmental agencies; and
WHEREAS, staff evaluated the offerings from the two primary providers of these
services, namely California Employer's Retirement Benefit Trust (CERBT) and Public Agency
Retirement Services (PARS); and
WHEREAS, staff recommends that Council approve entering an agreement with CERBT
and select Investment Strategy 2; and
WHEREAS, Council had previously set aside $1,000,000 in the Benefits Fund for pre -
funding OPEB liabilities; and
WHEREAS, staff recommends that Council approve initial funding of the trust with the
above -referenced funds and appropriate funds accordingly.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Lodi does
hereby authorize the City Manager to execute all necessary documents to enter an Other Post -
Employment Benefits Irrevocable Trust with California Employer's Retiree Benefit Trust
Program (CERBT), select Investment Strategy 2, and further appropriate funds in the amount of
$1,000,000 to fund the initial deposit to the trust.
Dated: October 19, 2016
I hereby certify that Resolution No. 2016-191 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held October 19, 2016, by the following votes:
AYES: COUNCIL MEMBERS — Johnson, Kuehne, Mounce, Nakanishi, and
Mayor Chandler
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
NNIFE M. FERRAIOLO
ity Clerk
2016-191