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RESOLUTION NO. 2008-163 Trust be used for purposes other than the payment of Benefits to or on behalf of Beneficiaries under the employee benefit plans or the expenses incident thereto or expenses of the Trust; and WHEREAS, assets of the Trust shall be held by the Trustee at all times and the Trust assets shall not be considered funds or assets of the County for any purpose, other than financial reporting purposes under GAAP. NOW, THEREFORE,, BE IT RESOLVED BY THE INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS AS FOLLOWS: ARTICLE I DEFINITIONS SECTION 1.01. Definitions. As used in this Resolution, the following terms shall have the meanings hereinafter set out: (a) "Actuarial Accrued Liability" shall mean that portion of the actuarial present value of Trust obligations, as determined under a particular Actuarial Cost Method and related administrative expenses. (b) "Actuarial Cost Method" shall mean a method of determining the actuarial present value of the obligations and administrative expenses of the Trust, and for developing an actuarially equivalent allocation of the value to time periods. Acceptable actuarial methods include the aggregate, attained age, entry age, frozen attained age, frozen entry age, and projected unit credit methods. (c) "Actuarial Valuation" shall mean the determination, as of valuation date, of the normal cost, Actuarial Accrued Liability, actuarial value of assets, and related actuarial present values for the Trust. (d) "Administrative Expenses" shall mean all reasonable expenses incurred in the operation of the Trust, including all investment expenses. (e) "Annual Required Contribution" and "ARC" shall mean the amount that must be contributed in a given year to fully fund the Trust, as determined by the Actuarial Valuation in accordance with requirements of Generally Accepted Accounting Principles and all other such requirements under GASB 43 and GASB 45. This amount shall represent a level of funding that if paid on an ongoing basis is projected to cover the normal cost each year and amortize any Unfunded Actuarial Accrued Liabilities over a period not to exceed thirty (30) years. (f) "Beneficiaries" shall mean all retired employees of the County; County Constitutional Officers; and, pursuant to contract, certain City of Vero Beach, A employees, and, where applicable, their respective spouses, dependents and survivors, who meet the criteria for eligibility for Benefits. 2