HomeMy WebLinkAbout8 CalPERS disbursements Agenda Item # 8
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Public U-61ity District
CONSENT
To: Board of Directors
From: Mary Chapman
Date: November 19, 2008
Subject: CaIPERS Other Post Employment Benefit Deposits - Delegation of
Authority to Request Disbursements
1. WHY THIS MATTER IS BEFORE THE BOARD
Only the Board can adopt resolutions.
2. HISTORY
Government Accounting Standards. Board accounting rule number 45 (GASB 45)
requires government agencies to accrue retiree insurance benefits during an
employee's work life. This obligation is referred to as Other Post Employment
Benefits (OPEB).
In November, 2007 the Board of Directors approved participation in the CalPERS
California Employers' Retiree Benefit Trust (CERBT) to accept deposits for the
District's OPEB obligations. NRECA performed an actuarial analysis for the District to
determine the District's unfunded liability for retiree benefits and calculated the
District's annual contribution. The District chose to fund the accrued liability so that
sufficient funds would be available to pay retiree insurance benefits when they are
needed.
3. NEW INFORMATION
CalPERS allows the District to periodically submit to be reimbursed for the premiums
paid during the fiscal year for current retirees. In order to submit for reimbursement,
the Board needs to authorize certain employees to request reimbursement.
For reimbursement requests of $10,000 or less, only one authorized person needs to
sign a disbursement request form. If the request is greater than $10,000, then two
authorized persons need to sign the disbursement request form.
4. FISCAL IMPACT
There is no fiscal impact from approving the attached resolution.
5. RECOMMENDATION
Approve the attached resolution titled CalPERS Delegation of Authority to Request
Disbursements authorizing the General Manager and the Treasurer to request
disbursements from the District's California Employers' Retiree Benefit Trust (CERBT)
employer account for reimbursement of retiree post employment benefits paid by the
District during the fiscal year.
Mary C a Michael D. Holley
Administrative Services Manager General Manager
TRUCKEE DONNER
WIN
1W
Resolution No. 2008 -
DELEGATION OF AUTHORITY TO REQUEST DISBURSEMENTS
FROM THE OTHER POST EMPLOYMENT PRE-FUNDING PLAN
WHEREAS, on November 7, 2007 the Board of Directors of the Truckee Donner Public Utility
District entered into an agreement with CalPERS to participate in the California Employer's
Retiree Benefit Trust Program ("CERBT") to pre-fund the District's post employment benefits
obligations through CalPERS; and
WHEREAS, periodically the District has an actuarial analysis performed to establish its annual
required contribution amount; and
WHEREAS, CalPERS has established a method for its plan participants to be reimbursed out of
the annual pre-funded contributions for retiree payments made during the year; and
WHEREAS, CaIPERS requires the Board of Directors to identify those employee positions who
are authorized to submit Retiree Benefit Trust Disbursement Request forms for reimbursement.
NOW THEREFORE, BE IT RESOLVED, that the Board of Directors of the Truckee Donner
Public Utility District does hereby authorize the General Manager and the Treasurer to request
reimbursements of retiree benefits paid from the pre-funded plan;
BE IT FURTHER RESOLVED, that the Assistant Treasurer is authorized to request
reimbursements in the absence of the Treasurer.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the
District on November 19, 2008 by the following roll call vote:
AYES:
ABSTAIN:
NOES:
ABSENT:
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By
Tim F. Taylor, President
ATTEST:
Michael D. Holley, Clerk of the Board