TITLE
Resolution authorizing and directing the City Controller to create a special trust fund, to be designated as the "OPEB Trust Fund," for the purpose of depositing and segregating funds for the exclusive use of providing certain post-employment benefits, appointing the trustees of the OPEB Trust Fund, authorizing execution of the Trust Agreement and adopting the Charter and Bylaws of the OPEB Board of Trustees. Contributions to this irrevocable trust fund may reduce or eliminate the City's net OPEB obligations, as defined by GASB 43 and GASB 45.
BODY
WHEREAS, pursuant to Governmental Accounting Standards Board Statement No. 43 ("GASB 43") and No. 45 ("GASB 45"), a non-federal governmental plan and employer must take steps to define and disclose the post-employment benefits, other than pension benefits, provided for retirees and their eligible spouses, registered domestic partners, and dependents entitled to health coverage, and to actuarially determine its liability for such benefits; and
WHEREAS, a non-federal government plan or employer may reduce or eliminate its net OPEB obligation, as defined in GASB 43 and GASB 45, by making contributions to an irrevocable trust in relation to such anticipated benefits; and
WHEREAS, the City of Pittsburgh ("City") provides medical and life insurance benefits for certain retirees; and
WHEREAS, the City of Pittsburgh now desires to establish an irrevocable trust fund to receive contributions for the purpose of providing certain post-employment benefits, and to make distributions from this Trust Fund for certain post employment benefits;
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Director of Finance is hereby authorized and directed to create a special trust fund, to be designated as the "OPEB Trust Fund," and to appoint a third party custodian bank, for the deposit of funds to be used for the exclusive and irrevocable purpose of funding other post employment bene...
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