City Council

9. Establishment of a Section 115 Trust for Pension Related Purposes\nRecommended Action: Staff recommends that the City Council: 1) Approve an\nagreement with Public Agency Retirement Services (PARS) for Section 115 Trust\nadministration services (Attachment A); 2) Adopt a Resolution approving the\nadoption of the Public Agencies Post-Employment Benefits Trust for the purpose\nof prefunding pension obligations (Attachment B); 3) Authorize the City Manager\nor their designee to act as the City’s Plan Administrator of the Trust Program and\nexecute the agreement and required documents; and 4) Authorize the initial\ntransfer of $5 million from the Pension Reserve Fund to the Section 115 Trust\nAccount.\nReference: Clerk’s File No. 209-2, 502-3