HomeMy WebLinkAboutItem 4.06 CalPERS Retiree Disbursements Delegate
CITY CLERK
File # D[L][I]~-~~
SUBJECT:
Designation of Positions Authorized To Approve Disbursements From The
CalPERS Retiree Medical Trust
Report Prepared by Paul S. Rankin, Administrative Services Director ~
ATTACHMENTS:
RECOMMENDATION:.2S
FINANCIAL STATEMENT:
1) Resolution Delegating the Positions Authorized to Request
Disbursements From The California Public Employees Retirement
System (CalPERS) Other Post Employment Benefits Trust (OPEB) :
(Administrative Services Director or Finance Manager)
M) Adopt the Resolution;
None.
DESCRIPTION: At the May 15, 2007 City Council Meeting, the City Council authorized
participation in the CalPERS Trust. This Trust complies with accounting regulations as well as Internal
Revenue Service (IRS) requirements for the establishment of an irrevocable trust.
Following the City Council action CalPERS Staff worked with the City to make minor amendments to the
Trust Agreement. The Mayor executed a revised Agreement with CalPERS on June 26,2007, based on
the authorization provided in Resolution 74-07 adopted on May 15, 2007. The amendments were minor
in nature and were beneficial to the interest of the City. The City forwarded $5,468,610.99 to the Trust on
June 29,2007. This allows the City to fully implement both GASB 43 and GASB 45 as of June 30, 2007.
As provided for under the adopted Fiscal Year 2007/2008 Budget the City will make periodic payments to
the Trust equal to 7.3%. The City will continue to make separate monthly payments to CalPERS Health
Benefits Division for Retiree Medical Insurance premiums. The process established by CalPERS requires
the City to submit a request for disbursement to the Trust, in order to reimburse the City for eligible
expenditures made to the PERS Health Benefits Division for Retiree Insurance.
CalPERS has requested that the City formally designate two positions authorized to request
disbursements. The proposed Resolution authorizes the Administrative Services Director or the Finance
Manager to request disbursements on behalf of the City.
Staff recommends that the City Council adopt the Resolution.
COPY TO:
Page 1 of 1
ITEM NO. '-/: b
G:\OPEB - RETIREE MEDICAL\pers cONTRACT\Amended\agenda stmtDesigDisbrsmntsPERSTrust.doc
RESOLUTION NO. xx - 07
I,. 7--
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********
DELEGATION OF POSITIONS AUTHORIZED TO REQUEST DISBURSEMENTS FROM THE
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM (CaIPERS)
OTHER POST EMPLOYMENT BENEFITS (OPEB) TRUST:
(ADMINISTRATIVE SERVICES DIRECTOR OR FINANCE MANAGER)
WHEREAS, the City Council approved the adoption of Resolution 74-07 on May 15, 2007; and
WHEREAS, Resolution 74-07 authorized the City participation in the California Public
Employees Retirement (CalPERS) Other Post Employment Benefits Trust (OPEB); and
WHEREAS, the City will make contributions to the Trust for the purpose of funding retiree
medical benefits; and
WHEREAS, periodically the City will need to request disbursements from the Trust to reimburse
the City for eligible expenditures for Retiree Medical benefits; and
WHEREAS, CalPERS has developed a specific form for participating agencies to complete
identifying by position, two classifications which will be authorized to request disbursements from the
OPEB Trust.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin hereby
designates that the incumbents in the positions of Administrative Services Director or Finance Manager
shall be authorized to request disbursements from the OPEB Trust on behalf of the City of Dublin.
BE IT FURTHER RESOLVED that the Mayor is authorized to execute and file the form (attached
hereto as Exhibit A) with California Public Employees Retirement System, in order to record this action
in a format acceptable to CalPERS.
PASSED, APPROVED AND ADOPTED this 1 ih day of July, 2007, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST:
City Clerk
J,-tevr# 4'{, 7/17/07 ~
ATTACHMENT 1 0
A
CalPERS
DELEGATION OF AUTHORITY
TO REQUEST DISBURSEMENTS
C ',+~
C. ;-t,
RESOLUTION
OF THE
c.. 0 U~4.~ \
(GOVERNING BODY)
OF THE
4>~ 1)U\.~\(\
(NAME OF EMPLOYER)
The ~" \ '-. Co u f\tA \ delegates to the incumbents in
~ (GOVERNING BODY)
the positions of ~cllf't.i\ \~ ~t..\\~e <SeN\tt$. ~\ ffei-c.r and
(TITLE)
F ~ C\o..",ee. \1\0...1\0.. ~ e ("
(TITLE)
authority to request on behalf
of the Employer disbursements from the Other Post Employment Prefunding
Plan and to certify as to the purpose for which the disbursed funds will be used.
Witness
By
:t..~t.."," '-oe.-~~("~
Title mo....~ 0.('"
Date
OPEB Delegation of Authority (2/07)
02102
Exhibit A