HomeMy WebLinkAboutCC Res 5663 2008-02-11
RESOLUTION NUMBER 5663
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH, CALIFORNIA APPROVING THE AGREEMENT WITH
CALPERS TO PROVIDE RETIREE BENEFIT TRUST SERVICES
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WHEREAS, the Governmental Accounting Standards Board Statement No. 45,
Accounting Standards for Other Post Employment Benefits, established new
financial reporting requirements; and
WHEREAS, the City is required to implement Statement No. 45 during the 2008
- 09 fiscal year; and
WHEREAS, the City has completed an actuarial study of its Other Post
Employment Benefits liabilities; and
WHEREAS, the City has the opportunity to address this unfunded liability by pre-
funding using a trust; and
WHEREAS, the California Public Employee's Retirement System has created a
trust fund that allows public employers to pre-fund the future cost of their retiree
healthcare insurance benefits and other post employment benefits for their
employees and retirees; and
WHEREAS, the trust allows participating employers to make regular periodic
contributions into the trust fund, which in the future investment earnings will be
utilized to pay for retiree health benefits, similar to the California Public
Employee's Retirement System pension plan.
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH
DOES HEREBY RESOLVE:
Section 1. The Agreement and Election of the City of Seal Beach to Prefund
Other Post Employment Benefits through California Public Employee's
Retirement System is approved.
PASSED, APPROVED and ADOPTED by the City Council of the City of Seal
Beach at a regular meeting held on the 11th day of Februarv , 2008 by the
following vote:
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AYES: councilmember~ ;l;,-Uti, ~ ~, ~
NOES: Councilmember ~I
ABSENT: Councilmember ~
ABSTAIN: Councilmember * I
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Mayor
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YfiA h ~
ity Clerk
Resolution Number 5663
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify I
that the foregoing resolution is the original copy of Resolution Number 5663 on
file in the office of the City Clerk, passed, approved, and adopted by the City
Council of the City of Seal Beach, at a regular meeting held on the 11 th day
of Februarv, 2008.
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gffclerk
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