2008-163 - Laserfiche WebLink

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A RESOLUTION OF TI COMMISSIONERS E OPEB TRUST AS PURSUANT TO Tl- COMPLIANCE hCOMPLIANCE WITH BOARD STATEMENT; COUNTY BOARD 01 BOARD OF TRUSTEE OF THE TRUSTEE; P THE DUTIES AND PO BOARD; PROVIDING PROVIDING FOR COI PROVIDING AN EFFE WHEREAS, Indian certain employee benefit r pensions (as more fully clef insurance and medical and County, County Constitution and, in certain cases, their eligible for coverage thereun RESOLUTION NO. 2008-163 E INDIAN RIVER COUNTY BOARD OF COUNTY ;TABLISHING THE INDIAN RIVER COUNTY AN IRREVOCABLE SECTION 115 TRUST E INTERNAL REVENUE CODE AND IN 3OVERNMENTAL ACCOUNTING STANDARDS 43 AND 45; ESTABLISHING THE INDIAN RIVER COUNTY COMMISSIONERS AS THE OPEB i; PROVIDING FOR THE DUTIES AND POWERS ROVIDING FOR DELEGATION OF CERTAIN OF VERS OF THE TRUSTEE TO THE OPEB TRUST FOR VARIOUS TERMS OF THE TRUST; FLICTS; PROVIDING FOR SEVERABILITY; AND ,TIVE DATE. iver County ("County") has established and maintains ns that provide post -employment benefits other than !d hereinafter, "Benefits"), such as but not limited to, life irescription drug coverage, to retired employees. of the Officers, and certain City of Vero Beach, FI employees, a.spective spouses, dependents and survivors, who are !r (collectively, "Beneficiaries"); WHEREAS, the Governmental Accounting Standards Board ("GASB") has issued GASB Statement 43 (j'GASB 43") and Statement 45 ("GASB 45") that establish standards for accounting and financial reporting for state and local governmental employers, such as the County, that offer Benefits to their retired employees; WHEREAS, the Cou that will be separate from Benefits with the intent tha income tax under Internal R be taxable to Beneficiaries; and (iv) all assets of the Ti used for the exclusive purr expenses of administering County ; WHEREAS, the C essential governmental fi Revenue Code; y desires to create and establish the irrevocable Trust, ie County, for the purpose of providing funds to pay for (i) the income of the Trust will be exempt from federal tenue Code Section 115; (ii) transfers to the Trust will not ) the Trust will qualify as a trust for purposes of GASB 43, st are and will be irrevocably dedicated to, and shall be se of, providing for payments of Benefits and for paying e Trust, and will not be available to any creditors of the provision of Benefits to Beneficiaries constitutes an within the meaning of Section 115(1) of the Internal WHEREAS Sections 115 and 671 of the Internal Revenue Code permit the County to establish a separate Trust that would serve as a vehicle for accumulating amounts needed to pay for Benefits; WHEREAS, the Trust established hereunder, either in whole or in part, shall not be used for, nor shall any of the income or other assets held under the terms of the 1