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HomeMy WebLinkAboutReso 43-2005RESOLUTION NO. 43-2005 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION AUTHORIZING THE ADOPTION OF THE VANTAGECARE RETIREMENT HEAUFH SAVINGS (RHS) PROGRAM FOR USE BY EMPLOYEES AFTER RETIREMENT TO PAY HFALTHCARE EXPENSES WHEREAS, the City has employees rendering valuable services; and WHEREAS, the establishment of a retiree health savings plan for such employees serves the interests of the City by enabling it to provide reasonable security regarding such employees' health needs during retirement, by providing increased flexibility in its personnel management system, and by assisting in the attraction and retention of competent personnel; and WHEREAS, the City has determined that the establishment of the retiree health savings plan (the "Plan") serves the above objectives; and NOW, THEREFORE BE IT RESOLVED, that the City hereby adopts the Plan in the form of the ICMA Retirement Corporation's VantageCare Retirement Health Savings program. BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the City serving as trustee, for the exclusive benefit of Plan participants and their beneficiaries, and the assets of the Plan shall not be diverted to any other purpose prior to the satisfaction of all liabilities of the Plan. The City hereby establishes the Declaration of Trust of the City of South San Francisco Integral Part Trust in the form of the model trust made available by the ICMA Retirement Corporation. BE IT FURTHER RESOLVED, that the Director of Human Resources shall be the coordinator and contact for the Plan and shall receive necessary reports, notices, etc. BE IT FURTHER RESOLVED, that the City hereby authorizes the City Manager to execute all necessary agreements with the ICMA Retirement Corporation incidental to the administration of the Plan. The City also hereby authorizes the City Manager to execute all necessary agreements with the California Government Voluntary Employees' Beneficiary Association (VEBA) in relation to the transfer of participants from the VEBA plan into the RHS Plan and in relation to the termination of the VEBA plan. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on the 11th day of May 2005 by the following vote: AYES: Councilmembers Richard A. Garbarino, Pedro Gonzalez and Karyl Matsumoto, Mayor Pro Tem Joseph A. Femekes and Mayor Raymond L. Green NOES: None. ABSTAIN: None. ABSENT: None. ATTEST: >')/City Clerk