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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: JUNE 21, 2016 TITLE: RESOLUTION TO ESTABLISH IRREVOCABLE TRUST WITH PUBLIC, AGENCY RETIREMENT SERVICES {STRATEGIC PLAN NO. 4, 1) (SURPLUS ALLOCATION FUNDING) WE f ®� RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ❑ As Recommended ❑ As Amended ❑ Ordinance on 181 Reading ❑ Ordinance on 2nd Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Adopt a resolution to establish an Irrevocable Trust Agreement for the purpose of Pre - Funding Pension and Other Post - Employment Benefits Obligations between the City and Public Agency Retirement Services. 2. Authorize the City Manager and Clerk of the Council to execute an agreement with Public Agency Retirement Services, for the Irrevocable Trust plan installation and administration services for the period of June 22, 2016 through June 21, 2019, for an amount of $10,000, subject to non - substantive changes approved by the City Manager and City Attorney. 3. Authorize the City Manager and Clerk of the Council to execute Trustee Forms with US Bank / HighMark Capital Management, Inc., for the purpose of managing Plan Assets for the period of June 22, 2016 through June 21, 2019, subject to non - substantive changes approved by the City Manager and City Attorney. 4. Authorize the City to transfer $500,000 from the City's Surplus Allocation fund to the Public Agency Retirement Services account for the purpose of pre- funding pension obligations. Project in accordance with the Council approved Surplus Allocation Plan as of October 20, 2015. Department: Project: I Category Total Funding: Finance Pension Stability Fund City -Wide $500,000 DISCUSSION In 2012, the Government Accounting Standards Board (GASB) issued Statement No. 68, Accounting and Financial Reporting for Pensions and to be reflected in the City's Financial 55D -1