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Solvang council adopts PARS Section 115 trust to prefund pension and retiree health costs
Summary
The council voted 4-0 Aug. 11 to authorize a PARS Section 115 trust, move OPEB assets from CalPERS, appoint a plan administrator and require council review of the investment strategy; staff will present investment choices and an implementation plan at a follow-up meeting.
The Solvang City Council voted 4-0 on Aug. 11 to adopt Resolution 25-1302 authorizing participation in a PARS Section 115 trust to prefund pension liabilities and other postemployment benefits (OPEB) and to transfer existing CalPERS CERBT assets into that trust.
The council adopted the resolution after a presentation from Rachel Sanders of PARS and related discussion with city staff. The measure authorizes establishing a PARS trust account for pension and OPEB, appoints a plan administrator to execute trust documents, and adopts a funding policy. The council added direction that it will review and approve the investment strategy recommended by the plan administrator.
Why it matters: Council and staff described the move as a tool to gain local control over prefunding…
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