(a) There is hereby established in and for the City a Public Employee Health Care Fund.
(b) The City Clerk/Treasurer, the City Manager and the Deputy Clerk shall be the Fund’s investment fiduciary.
(c) Withdrawals from the Fund shall be restricted solely to the payment of health care benefits on behalf of qualified persons and the payment of the expenses of administration of the Fund.
(d) Retirees of the City who are eligible for health care benefits paid for by the City under the terms of the Personnel Policies Manual or collective bargaining agreements are hereby designated as qualified persons for purposes of payment of health care benefits from the Fund.
(e) The Fund will be established on a non-actuarial basis.
(f) The investment fiduciary shall invest the assets of the Fund in accordance with the City’s investment policy and/or Section 13 of the Public Employee Retirement System Investment Act, 1965 PA 314, M.C.L.A. 38.1133.
(Res. 00-44. Passed 11-20-00.)