HomeMy WebLinkAboutRES 2006-13 - Board TRUCKEE DONNER
Public Utility District
Resolution No. 2006 - 13
AUTHORIZATION TO TERMINATE
THE TRUCKEE DONNER PUBLIC UTILITY DISTRICT
DEFINED BENEFIT PENSION PLAN,
THE TRUCKEE DONNER PUBLIC UTILITY DISTRICT
MANAGEMENT-EXEMPT 401(a) PLAN AND
THE TRUCKEE DONNER PUBLIC UTILITY DISTRICT
BARGAINING UNIT 401(a) PLAN
WHEREAS, on August 4, 2004, the Board of Directors voted to change its pension plans
for its employees from the Truckee Donner Public Utility District Defined Benefit Pension
Plan, the Truckee Donner Public Utility District Management-Exempt 401(a) Plan and the
Truckee Donner Public Utility District Bargaining Unit 401(a) Plan (collectively called "the
Plans") to the California Public Employees Retirement System (CalPERS); and
WHEREAS, benefit accruals to all of the Plans ceased as of August 4, 2004. No further
benefits have accrued on behalf of any participants under the Plans after that date. All
pension benefit accruals began with CalPERS as of August 21, 2004 according to the
terms in the contract between the Truckee Donner Public Utility District and the California
Public Employees Retirement System; and
WHEREAS, all assets not needed for distributions to terminate vested participants from the
Plans were transferred to CalPERS. All remaining participants signed an election form to
waive any benefits from the Plans and to accept the benefits calculated by CalPERS based
on their service and compensation with the District and the provisions of the applicable
CaIPERS retirement plan as their retirement benefits from the District; and
WHEREAS, at the time of termination of the Plans, the District sent letters of termination to
Wayne Richardson, Inc. and to the International City Management Association who had
been serving the plan administrators; and
WHEREAS, while the District took the necessary action to move plan assets and begin the
CalPERS plan, the Board of Directors did not pass a resolution to formally terminate the
Truckee Donner Public Utility District Defined Benefit Pension Plan, the Truckee Donner
Public Utility District Management-Exempt 401(a) Plan and the Truckee Donner Public
Utility District Bargaining Unit 401(a) Plan; and
Resolution 2006-13 1
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of Truckee Donner
Public Utility District, that the Truckee Donner Public Utility District Defined Benefit Pension
Plan, the Truckee Donner Public Utility District Management-Exempt 401(a) Plan and the
Truckee Donner Public Utility District Bargaining Unit 401(a) Plan are hereby terminated
retroactively to August 4, 2004.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held
within the District on the 7th day of June, 2006 by the following roll call vote:
AYES: Directors Hemig, Sutton, Taylor and Thomason
NOES: None
ABSTAIN: None
ABSENT: Director Aguera
TRUC�Kj DO R PUBLIC LITY DISTRICT
J o emi , President
jl��
ATTEST:/"J� 1
k
Peter L. Holzmeister, Dis rict Clerk
Resolution 2006-13 2