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Board of Trustees Meeting February 12, 2008 |
Agenda Item: Old Business
Approval of resolutions required
by CalPERS to formalize the District’s Employee Vesting Schedule.
Background:
At the July 11, 2006, Board Meeting following a presentation from staff, Trustees approved the District contracting with CalPERS to serve as its healthcare benefit provider. During the presentation, it was explained that CalPERS requires a retiree health benefit program to be offered. At the August 8, 2006, Board Meeting, the Trustees approved Resolution Nos. 2006-09, 2006-10, 2006-11, 2006-12, and 2006-13, which allowed the District to contract with CalPERS for employee medical benefit.
Resolution Nos. 2008-02, 2008-03, 2008-04, 2008-05, and 2008-06 formalize the vesting schedule and are the final documents needed for the District’s contract with CalPERS. Following the adoption of the vesting schedule, the District will contract with an actuary to value the District’s Other Post Employment Benefit (OPEB) liability to meet the requirements of Statement No. 45 of the Governmental Accounting Standards Board (GASB 45), Accounting and Financial Reporting by Employers for Post Employment Benefits Other Than Pensions.
Staff Recommendation:
Approve Resolution
Nos. 2008-02, 2008-03, 2008-04, 2008-05, and 2008-06 formalizing the Vesting Schedule.
Fiscal Impact:
The financial impact will be an Unfunded Actuarial Accrued Liability in the approximate amount of $1,000,000.00. This is the dollar amount that was previously approved by the Board at their August 8, 2006, Board Meeting.