Title
Adoption of Resolution Authorizing Participation in the Public Agency Retirement Services (PARS) Post-Employment Benefits Trust to be Used for Prefunding of Pension and Other Post-Employment Benefits (OPEB) Obligations;
Recommendation to Appoint the City Manager or Her Designee as the City's Plan Administrator for the Trust Program; Direct the City Manager to Execute All Necessary Agreements and Plan Documents Associated with Establishment of the New Trust; and Adopt a Pension Rate Stabilization Program and Other Post-Employment Benefits Funding Policy. (Finance 2410)
Body
To: Honorable Mayor and the City Council
From: Jill Keimach, City Manager
Re: Adoption of Resolution Authorizing Participation In the Public Agency Retirement Services (PARS) Post-Employment Benefits Trust to Be Used for Prefunding of Pension and Other Post-Employment Benefits (OPEB) Obligations;
Appoint the City Manager or Her Designee as the City's Plan Administrator for the Trust Program;
Direct the City Manager to Execute All Necessary Agreements and Plan Documents Associated with Establishment of the New Trust; and
Adopt a Pension Rate Stabilization Program and Other Post-Employment Benefits Funding Policy
BACKGROUND
The City of Alameda in partnership with its employees have taken several steps during the last six years to manage and reduce its pension and Other Post-Employment Benefits (OPEB) liabilities and costs. These actions represent responsible financial management that have lowered the City's annual pension costs and positioned the City to achieve savings into the future. The City and the employee associations negotiated, through collective bargaining, to share the cost of California Public Employee Retirement System (CalPERS) annual required contributions. Currently, public safety employees hired prior to January 2013 or after January 2013, as long as they became CalPERS members prior to that date, contribute 15% of their salary toward their retirement (whic...
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