City Council

9J.\nA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STANTON APPROVING\nTHE ADOPTION OF THE MULTIPLE EMPLOYER OPEB/PENSION 115 TRUST\nADMINISTERED BY SHUSTER ADVISORY GROUP, LLC\nThe City desires to withdraw from participating in the PARS Public Agencies PostEmployment Benefits Trust Program, all services, administration, and investment\ncontracts with PARS and US Bank, N.A. and adopt a Multiple Employer OPEB/Pension\n115 Trust, transitioning the current Section 115 Trust account used for pre-funding\npension obligations from the Public Agencies Post-Employment Benefits Trust to the City\nof Stanton Pension Stabilization Trust Account under the administration of Shuster\nAdvisory Group, LLC. The proposed Resolution presented as Attachment A provides the\nauthority to accomplish this, including the appointment of Alta Trust as successor Trustee,\nthe appointment of Charles Schwab Trust Bank as custodian of the Trust’s assets, and\nthe liquidation and transfer of all assets held in the PARS Section 115 Trust to Charles\nStanton City Council Agenda\nSchwab Trust Bank contingent upon acceptance of those appointments. Finally, the\nproposed Resolution authorizes the appointment of the City Manager as the City’s\nAdministrator for the newly-established Trust.\nRECOMMENDED ACTION:\n1. City Council find that this item is not subject to California Environmental Quality Act\n(“CEQA”) pursuant to Sections 15378(b)(5)(Organizational or administrative activities\nof governments that will not result in direct or indirect physical changes in the\nenvironment); and\n2. Adopt Resolution No. 2025-26, entitled:\n“RESOLUTION OF THE CITY COUNCIL OF THE CITY OF STANTON\nAPPROVING THE ADOPTION OF THE MULTIPLE EMPLOYER\nOPEB/PENSION 115 TRUST ADMINISTERED BY SHUSTER ADVISORY\nGROUP, LLC”; and\n3. Authorize the City Manager to execute agreements, liquidate and transfer assets,\nmake appointments and take any other steps necessary to carry out the directives of\nthe City Council as set forth in the proposed Resolution; and\n4. Rescind and terminate the City's participation in the PARS Section 115 Trust\npreviously authorized under City Council Resolution No. 2017-03 and authorize the\nCity Manager to execute any necessary documentation to dissolve the City’s account\nunder that Trust.