CC Resolution 2019-004 PARS RESOLUTION NO. 2019 - 004
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LA QUINTA, CALIFORNIA, 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 La Quinta (“City”) 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 term 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of La Quinta, California, as follows:
SECTION 1. The City Council hereby adopts the PARS Public Agencies Post-
Employment Benefits Trust, effective March 5, 2019; and
SECTION 2. The City Council hereby appoints the City Manager and Finance
Director, or his/her successor or his/her designee as the City’s Plan
Administrator for the Program; and