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AGENDA ITEM REVIEW FORM |
3.A.
Employee Benefit Trust Board Meeting
- Meeting Date:
- 10/16/2024
- Department Head:
- Adela Cortez
- Submitted By:
- Maria Barajas Gutierrez, Human Resources Coordinator, Human Resources Department
ITEM:
Discussion, and possible direction on any and all matters regarding the Declaration of Trust document for the City of San Luis Employee Benefit Trust. (Adela Cortez, Human Resources Director)
SUMMARY:
The Agreement and Declaration of Trust for City of San Luis Employee Benefit Trust was established on September 1, 2011, and has since been amended twice. At a Special Employee Benefit Trust meeting on February 15, 2024, I highlighted the need for additional revisions to certain sections of the Declaration of Trust.
In previous meetings, it was noted that although the Trust Fund is financially sound, there is a standard practice of maintaining reserve requirements and recommended funding levels. As a result, it has been suggested that a reserve and funding policy be incorporated into the declaration document. Additionally, City staff proposes adding a procedure for medical and dental exceptions to safeguard the Trust.
In light of this, Human Resources is recommending an amendment and restatement of the Declaration of Trust document for City of San Luis Employee Benefit Trust.
In previous meetings, it was noted that although the Trust Fund is financially sound, there is a standard practice of maintaining reserve requirements and recommended funding levels. As a result, it has been suggested that a reserve and funding policy be incorporated into the declaration document. Additionally, City staff proposes adding a procedure for medical and dental exceptions to safeguard the Trust.
In light of this, Human Resources is recommending an amendment and restatement of the Declaration of Trust document for City of San Luis Employee Benefit Trust.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE STAFF MOVING FORWARD WITH AMENDING AND RESTATING THE DECLARATION OF TRUST DOCUMENT FOR THE CITY OF SAN LUIS EMPLOYEE BENEFIT TRUST.
Fiscal Impact
Fiscal Impact:
N/A