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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Appropriation <br />Agenda Date Requested:August 22,2002 <br />Requested By:MichaelG.Dolby, Director <br />Source of Funds: <br />General Fund <br />Department:Finance <br />Account Number:0016146-5159997 <br />ReportResolutionOrdinance <br />$500,000 <br />Amount Budgeted: <br />$500,000 <br />Amount Requested: <br />Exhibits:Resolution,Adoption Agreement, Agreement <br />Budgeted Item:YesNo <br />for Administrative Services, VanGuardAgreement & <br />Directed Trustee Fee Schedule <br />SUMMARY& RECOMMENDATION <br />A representative from PARS gave a presentation to council regarding advance funding <br />a trust for Other Post-Employment Benefits. The City of La Porte has a future liability <br />of $61.2MM for retiree health care benefits. The liability continuesto grow;therefore, <br />council agreed to pre-fund a trust to help reduce the future cost of this liability. The <br />trustee will be US Bank, VanGuard Advisers, Inc. will be our investment agent,and <br />PARS will be trust administrator. The City Manager will be named as the plan <br />administrator. The cost of the trust is minimal and should not exceed $3,000 dollars <br />annually. <br />ACTION REQUIRED BY CITY COUNCIL <br />Approve resolution adopting the Public Agency Post-Retirement Health Care <br />Plan administered by PARS as trust administrator, US Bank as trustee and <br />VanGuard as plan advisors. <br />Approved for the City Council meeting agenda <br />Corby D. Alexander, City ManagerDate <br /> <br />