TITLE
Ordinance supplementing the Pittsburgh Code at Title One: Administrative, Article IX: Boards, Commissions and Authorities by adding Chapter 176A, Other Post Employment Benefit Trust Fund.
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 eligible 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
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Pittsburgh Code, Title One Administrative, Article IX Boards Commissions and Authorities, is hereby supplemented by adding Chapter 176A, Other Post Employment Benefit Trust Fund, as follows:
CHAPTER 176A OTHER POST EMPLOYMENT BENEFIT TRUST FUND
§ 176A.01 - BOARD OF TRUSTEES
§ 176A.02 - PURPOSE 176A.03 - COMPOSITION
§ 176A.04 - DUTIES AND RESPONSIBILITIES
§ 176A.05 - RESOURCES
§ 176A.06 - MONITORING AND REPORTING
§ 176A.07 - MEETINGS
§ 176A.08 - ACCOUNTABILITY
§ 176A.09 - CONFLICTS OF INTEREST
Chapter 176A
Other Post Employment Benefit Trust Fund
§ 176A.01 Board of Trustees
There is hereby established a Board of Trustees to be known as the Board of Trustees of the Other Post Employment Benefit (OPEB) Trust Fund to establish a trust fund to be known as the Other Post Employment Benefit (OPEB) Trust Fund and to invest and otherwise manage the assets of the Fund...
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