Adoption of a Resolution Establishing a Post Employment Welfare Benefits Program Trust. Item Number: C 4 City of Culver City California Agenda Item Report Meeting Date: 03/12/2012 CITY COUNCIL AGENDA ITEM: Adoption of a Resolution Establishing a Post Employment Welfare Benefits Program Trust Contact Person/Dept.: Jeff Muir/Finance Department Fiscal Impact: Yes x No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (Email) Meetings and Agendas City Council (03/08/12) Department Approval: Jeff Muir (03/07/12) Chief Financial Officer Approval: Jeff Muir (03/07/12) Phone Number: (310) 253 5865 General Fund: Yes x No Attachments: X City Attorney Approval: Carol Schwab (by H. Baker) (03/07/12) City Manager Approval: John M. Nachbar (03/07/12) Action Item: RECOMMENDATION: Staff recommends the City Council take the following actions relative to the execution of a Governmental Accounting Standards Board (GASB) Statement 43 (GASB 43) qualifying IRS Section 115 trust (Trust) for the purposes of funding GASB Statement 45 (GASB 45) retiree healthcare and other post employment (OPEB) liabilities: Adopt a resolution approving a Post Employment Welfare Benefits Program Trust Agreement between the City PFM Asset Management LLC as Trust Administrator and Union Bank N.A. as Trustee and Custodian and authorizing the City Manager City Attorney and Chief Financial Officer to execute all documents and take all necessary actions to implement the Trust. BACKGROUND: GASB 43 and GASB 45i required government entities to begin treating Other Post Employment Benefits (OPEB) in a similar fashion to pensions. This includes a requirement for independent actuarial calculations to determine the total liability based on the benefit provided disclosure of this liability in the financial statements calculation of the Annual Required Contribution (ARC) to fund the total liability over a thirty year period and recording any unfunded portion of the annual ARC a...
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