§ 62-84. Other post-employment benefits.

(a)

The city shall establish an OPEB trust for the purpose of meeting the fiscal policies and reporting requirements of the Government Accounting Standards Board Statements 43 and 45 and for protecting those assets, benefits and implicit rate subsidies, as now are or may hereafter be established by the city and authorized or permitted by law to be classified as non-pension, other post employment benefits and defraying reasonable expenses of administering the trust. Contributions shall be made to the trust fund by the city. The trust shall be maintained and operated in accordance with GASB statements 43 and 45, as they may be amended. The trust may not be revoked by the city. All assets of the trust shall be legally protected from creditors of the city to the full extent of applicable law.

(b)

The OPEB trust shall be managed by a board of trustees consisting of the finance director, the human resources director and the city administrator, and shall be vested with the authority and responsibility to act in accordance with the declaration of trust.

(Ord. No. 4186-08, § 1, 10-6-2008)