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2008-163
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2008-163
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Last modified
3/23/2017 4:53:01 PM
Creation date
9/30/2015 5:44:14 PM
Metadata
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Template:
Resolutions
Resolution Number
2008-163
Approved Date
09/23/2008
Agenda Item Number
9.A.
Resolution Type
Post-Employment Benefits
Entity Name
Indian River County OPEB Trust
Subject
Establishing the Indian River County OPEB Trust
Irrevocable Section 115 Trust
Governmental Accounting Standards Board Statements 43 and 45
Establishing the BCC as the OPEB Board of Trustees
Providing for the Duties and Powers of the Trustee
Supplemental fields
SmeadsoftID
5658
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f RESOLUTION NO . 2008- 163 <br /> A RESOLUTION OF THE INDIAN RIVER COUNTY BOARD OF COUNTY <br /> COMMISSIONERS ESTABLISHING THE INDIAN RIVER COUNTY <br /> OPEB TRUST AS AN IRREVOCABLE SECTION 115 TRUST <br /> PURSUANT TO THE INTERNAL REVENUE CODE AND IN <br /> COMPLIANCE WITH (GOVERNMENTAL ACCOUNTING STANDARDS <br /> BOARD STATEMENTS 43 AND 45 ; ESTABLISHING THE INDIAN RIVER <br /> COUNTY BOARD OF COUNTY COMMISSIONERS AS THE OPEB <br /> BOARD OF TRUSTEES ; PROVIDING FOR THE DUTIES AND POWERS <br /> OF THE TRUSTEE ; PROVIDING FOR DELEGATION OF CERTAIN OF <br /> THE DUTIES AND POWERS OF THE TRUSTEE TO THE OPEB TRUST <br /> BOARD ; PROVIDING FOR VARIOUS TERMS OF THE TRUST; <br /> PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY ; AND <br /> PROVIDING AN EFFEi TIVE DATE . <br /> WHEREAS , Indian River County ("County") has established and maintains <br /> certain employee benefit plans that provide post-employment benefits other than <br /> pensions (as more fully defined hereinafter, " Benefits") , such as but not limited to , life <br /> insurance and medical and prescription drug coverage , to retired employees . of the <br /> County , County Constitutional Officers , and certain City of Vero Beach , FI employees , <br /> and , in certain cases , their respective spouses , dependents and survivors , who are <br /> eligible for coverage thereunder (collectively, "Beneficiaries") ; <br /> WHEREAS , the Gov l rnmental Accounting Standards Board ("GASB") has <br /> issued GASB Statement 43 (j'GASB 43") and Statement 45 ("GASB 45") that establish <br /> standards for accounting and financial reporting for state and local governmental <br /> employers , such as the County , that offer Benefits to their retired employees ; <br /> WHEREAS , the County desires to create and establish the irrevocable Trust , <br /> that will be separate from the County , for the purpose of providing funds to pay for <br /> Benefits with the intent that (i) the income of the Trust will be exempt from federal <br /> income tax under Internal Revenue Code Section 115 ; (ii) transfers to the Trust will not <br /> be taxable to Beneficiaries ; (iii ) the Trust will qualify as a trust for purposes of GASB 43 , <br /> and ( iv) all assets of the Trust are and will be irrevocably dedicated to , and shall be <br /> used for the exclusive purpose of, providing for payments of Benefits and for paying <br /> expenses of administering the Trust , and will not be available to any creditors of the <br /> County ; <br /> WHEREAS , the County's provision of Benefits to Beneficiaries constitutes an <br /> essential governmental function within the meaning of Section 115 ( 1 ) of the Internal <br /> Revenue Code ; <br /> WHEREAS Sections 115 and 671 of the Internal Revenue Code permit the <br /> County to establish a separate Trust that would serve as a vehicle for accumulating <br /> amounts needed to pay for Benefits ; <br /> WHEREAS , the Trusty established hereunder, either in whole or in part, shall not <br /> be used for, nor shall any of the income or other assets held under the terms of the <br /> ` I <br /> I <br />
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