Resolution 2839-07
1 RESOLUTION NO. 2839-07
~ 2 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
3 SOUTH TAHOE PUBLIC UTILITY DISTRICT
TERMINATING THE SOUTH TAHOE PUBLIC UTILITY DISTRICT
4 PENSION PLAN (DC PENSION PLAN)
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6 WHEREAS, effective as of July 1, 1968, South Tahoe Public Utility District (the
7 "District") established the South Tahoe Public Utility Pension Plan (the "Plan"); and
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9 WHEREAS, Section 8.2 of the Plan document reserves to the District the right to
10 discontinue or terminate the Plan in whole or in part at any time; and
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12 WHEREAS, District employees now participate in the California Public
13 Employees Retirement System (CaIPERS); and
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15 WHEREAS, the Board of Directors has determined it is in the best interest of the
~ 16 District and the Plan participants to terminate the Plan as provided in the International
17 Union of Employees Stationary Engineers, Local 39, Memorandum of Understanding
18 dated September 7,2006, Section 32. C. 4. F. and the Management Staff memorandum
19 of Understanding dated April 7, 2005, Section 27 E.
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21 NOW, THEREFORE, BE IT RESOLVED, that effective as of September 30,
22 2007, the South Tahoe Public Utility Pension Plan be and is hereby terminated; no
23 further contributions will be made to the Plan, and no one who is not already a
24 participant will be eligible to participate in the Plan.
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26 RESOLVED, FURTHER, that the value of each participant's account under the
27 Plan shall be one-hundred percent (100%) vested and non-forfeitable as of the date of
28 termination.
4., 29 III
III
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1 RESOLVED, FURTHER, that the Trustees of the Plan are hereby authorized to
2 file the plan termination with the Internal Revenue Service for review and issuance of a
3 favorable determination letter and to take all other actions necessary to properly
4 terminate the plan and liquidate the trust.
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6 WE, THE UNDERSIGNED, do hereby certify that the above and foregoing
7 Resolution was duly adopted and passed by the Board of Directors of the South Tahoe
8 Public Utility District at a regularly scheduled meeting held on the 20th day of
9 September, 2007, by the following vote:
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AYES: Directors Wallace, Jones, Schafer, Farrell, Mosbacher
NOES: None
ABSENT: None
Eric W. Scha r, ard President
South Tahoe Public Utility District
ATTEST: