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2008-163
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2008-163
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Last modified
6/28/2024 11:45:00 AM
Creation date
9/30/2015 5:44:14 PM
Metadata
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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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RESOLUTION NO. 2008-163 <br />into the Trust by a mistake in fact shall be returned by the Trustee to the County within a <br />reasonable period of time. <br />SECTION 2.05. Spendthrift Provision. All assets, income, and distributions of <br />the Trust shall be protected against the claims of creditors of the County and <br />Beneficiaries, and shall not be subject to execution, attachment, garnishment, the <br />operation of bankruptcy, the insolvency laws or other process whatsoever, nor shall any <br />assignment thereof be enforceable in any court. <br />SECTION 2.06. Named Fiduciary. <br />(a) The Trustee shall be the fiduciary for the Trust fund and shall have the <br />power to delegate responsibilities under this Resolution. Such delegations may be to <br />officers and employees of the County or Clerk of Court, or to other individuals or <br />organizations, including an actuary or a third -party administrator or recordkeeper, all of <br />whom shall hold those delegations at the pleasure of the Trustee. Any employee of the <br />County, and any employee of the Clerk of Court, who already receives full-time pay, and <br />to whom such fiduciary responsibilities are delegated, shall serve without additional <br />compensation. The Trustee hereby creates the OPEB Trust Board, and designates the <br />following as the sole members: Clerk of Court, Budget Director; Finance Director; the <br />County Administrator or Assistant County Administrator; and the Human Resources <br />Director. The OPEB Trust Board meetings shall be attended by the members thereof; <br />such members must be present and may not be represented by any designee of any <br />such member; provided, however, such members may designate one or more <br />individuals of each such member's respective department as additional attendees of <br />OPEB Trust Board meetings. The Trustee hereby appoints the OPEB Trust Board as <br />the Trust Administrator, and delegates to the OPEB Trust Board all powers, rights, and <br />responsibilities as set forth in, and limited by, this Resolution. <br />(b) In the event that there is a vacancy in the position of any member of the <br />OPEB Trust Board, the following shall apply: (i) the Clerk of Court may appoint a Clerk <br />of Court employee as a substitute for either the Clerk of Court or the Finance Director; <br />and (ii) the Trustee, acting by and through the County Administrator, shall designate a <br />County employee as a substitute for either the Budget Director or the Human <br />Resources Director. Any substitute member of the OPEB Trust Board appointed as <br />aforementioned shall be a full member of the OPEB Trust Board for the duration of such <br />appointment; provided, however, that contemporaneously with any appointment of a <br />substitute, the Clerk of Court or the Trustee acting by and through the County <br />Administrator, as applicable, shall file a written notice of such appointment with the <br />Trustee and the secretary to the OPEB Trust Board. <br />SECTION 2.07. Segregation of Assets. Assets under the Trust may be <br />segregated for investment purposes. No individual account for any Beneficiary will be <br />maintained at any time under the Trust and no Beneficiary will have any right or title with <br />respect to any specific assets of the Trust. Accordingly, no Beneficiary will have a <br />preferred claim, lien on, security interest in, or any beneficial interest in, any particular <br />assets of the Trust. Beneficiaries will be entitled to receive payments of assets of the <br />6 <br />
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