Title
Approving a resolution with the caption reading: A Resolution of the City of Pflugerville, Texas, Authorizing Creation of An Employee Benefits Trust; Designating All Members of the City Council to be Trustees of Said Trust; And Authorizing the Trust to Purchase Various Forms of Insurance for the Benefit of City Officers, Employees, Qualified Retirees, and their Dependents.
Summary
This is a nonprofit trust created for the purpose of providing or offering, whether now or possibly in the future, City officers, employees, and qualified retirees and their dependents with life, disability, sickness, accident, and other health benefits either directly or through the purchase of insurance and to perform operations in furtherance thereof. The Trust is intended to qualify as a tax-exempt trust performing an essential governmental function within the meaning of Section 115 of the Internal Revenue Code (the “Code”).
Prior City Council Action
None
Deadline for City Council Action
None
Funding Expected: Revenue __ Expenditure __ N/A X
Budgeted Item: Yes __ No __ N/A X
Amount: ________
1295 Form Required? Yes __ No X
Legal Review Required: N/A __ Required X Date Completed: _8/21/2020__
Supporting documents attached:
Resolution Document
Exhibit A
Recommended Action
Approve the resolution as presented.