(a) Participating Agencies. An agency permitted to participate in County benefit plans under Section 20-37(b) which chooses to participate in a retiree benefit plan must participate in the Trust Fund. However, a participating agency must be eligible to participate under Internal Revenue Code Section 115. Each participating agency in the Trust Fund must execute an adoption agreement in a form satisfactory to the Chief Administrative Officer and must submit any information the Chief Administrative Officer requires. Except for any obligation to refund assets under subsection (b), legal liability must not accrue to the County by including any participating agency in the Trust Fund. Each participating agency must be fully responsible for its pro rata cost of coverage, including any required annual contribution to the County and its share of administrative expenses.
(b) Termination of Participating Agency. If a participating agency decides to terminate participation in a retiree benefit plan and the Trust Fund, the agency must notify the Chief Administrative Officer in writing. The Chief Administrative Officer and the participating agency must agree on a date to end the agency’s participation. Any tranfer of assets from the Trust Fund resulting from the termination of an agency’s participation must comply with the Internal Revenue Code and the adoption agreement between the County and the participating agency. (2008 L.M.C., ch 3, § 1.)