HomeMy WebLinkAbout3314-25 Adoption of the Public Agencies Post-Employment Benefits Trust Administered by PARS1 RESOLUTION NO. 3314-25
2 A RESOLUTION OF THE BOARD OF DIRECTORS
3 OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
APPROVING THE ADOPTION OF THE
4 PUBLIC AGENCIES POST -EMPLOYMENT BENEFITS TRUST
5 ADMINISTERED BY PUBLIC AGENCY RETIREMENT SERVICES (PARS)
6 WHEREAS PARS has made available the PARS Public Agencies Post -Employment
7 Benefits Trust (the "Program") for the purpose of pre -funding pension obligations and/or
8 OPEB obligations; and
9 WHEREAS, the South Tahoe Public Utility District ("District") is eligible to participate
in the Program, a tax-exempt trust performing an essential governmental function within
10 the meaning of Section 115 of the Internal Revenue Code, as amended, and the
11 Regulations issued there under, and is a tax-exempt trust under the relevant statutory
12 provisions of the State of California; and
13 WHEREAS, the District's adoption and operation of the Program has no effect on
14 any current or former employee's entitlement to post -employment benefits; and
15 WHEREAS, the terms and conditions of post -employment and benefit entitlement,
if any, are governed by contracts separate from and independent of the Program; and
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17 WHEREAS, the District'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
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19 WHEREAS, the District'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
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21 WHEREAS, the District reserves the right to make contributions, if any, to the
Program.
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23 NOW, THEREFORE BE IT RESOLVED THAT:
24 1. The Governing Board of Directors hereby adopts the PARS Public Agencies
Post -Employment Benefits Trust; and
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26 2. The Governing Board hereby appoints the Chief Financial Officer, or his/her
successor or his/her designee as the District's Plan Administrator for the
27 Program; and
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3. The District's Plan Administrator is herby authorized to execute the PARS
29 legal and administrative documents on behalf of the District and to take
30 whatever additional actions are necessary to maintain the District's
participation in the Program and to maintain compliance of any relevant
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regulation issued or as may be issued; therefore, authorizing him/her to
take whatever additional actions are required to administer the District's
Program.
WE THE UNDERSIGNED, do hereby certify that the above and foregoing Resolution
was duly and regularly adopted and passed by the Board of Directors of the South
Tahoe Public Utility District at a regular meeting duly held on the 17th day of July 2025, by
the following vote:
AYES: Romsos, Haven, Henderson, Sheehan, Exline
NOES:
ABSENT:
ATTEST:
�_
Melonie Guttry, Executive ervices Manager/
Clerk of the Board
South Tahoe Public Utility District
Shane Romsos, Board President
South Tahoe Public Utility District