HomeMy WebLinkAbout19-272WHEREAS, on January 29L 2019, the Board of Supervisors approved the adoption of Butte County Pension
Strategy which stipulates the County will estabUiyh two (2) Internal Revenue Code Section 115 irrevocable pension trusts;
one for the Miscellaneous employee pension p�|an and one for the Safety employee pension plan, to accumulate funds
with the goal ofstabilizing future contributimnrates; and
WHEREAS, based mpnm presentations by representatives of three (3) Section 115 pension trust programs, the
County Finance Work Team recommends the Board of Supervisors approve the County's participation in the Pension
Stabilization Trust for California Municipalities, for which Keenan, Financial Services acts as the Program Coordinator; and
WHEREAS, the County Finance Work Team and Keenan Financial Services recommend the selection of the
Conservative investment portfolio offered under the Pension Stabilization Trust for California Municipalities; and
WHEREAS, the sum of $2,161,169.62 is available to contribute to the trusts; $1,496,7491.45 to the Safety trust and
$664,420,17 to the Miscellaneous trust; and
vote:
NOW, THEREFORE, BE IT RESOLVED that the Butte County Board of Supervisors hereby approves
The County's participation in the Pension Stabilization Trust for California Municipalities and authorizes the
Chief Administrative Officer to sign all related documents subject to review by County Counsel; and
The investment of the trust assets in the Conservative investment portfolio offered under the Pension
Stabilization Trust for California Municipalities; and
A1ntaU initial contribution of$2,161,169.6�2 to the trusts; $1,496,749.45 to the Safety trust and $664,430.17
tothe Miscellaneous trust.
PASSED AND ADOPTED by the Butte County Board of Supervisors this 22 nO
day of October, 2019, by the following
AYES: Supervisors Luceno,Ritter, Teeter, and Chair Lambert
ABSENT: Supervisor Connelly
NOT VOTING:
ATTEST:
Shari McCracken, Chief Administrative Officer
and C11 -r-1, of the o rd of Supervisors
Steve Lambe,�,,-6hair
Butte County Board of Supervisors