(A) There is hereby created a special fund to be known as the Post-Employment Benefit Trust Fund ("Trust"). This fund is to be used exclusively for the purpose provided for in this subchapter and shall be collected, administered, and disbursed according to the provisions of this subchapter.
(B) The participation in and any coverage under the Trust shall not constitute nor be construed to constitute a specific, accrued or vested benefit for any specific employee or retiree unless otherwise specifically provided within this subchapter.
(C) It is intended that the income of the Trust shall not be taxable income of the Trust, as such Trust income shall accrue to the city, and such income shall be derived from the exercise of an essential governmental function as provided for under § 115(1) of the Internal Revenue Code, Revenue Rulings 77-261 and 9074, and other relevant guidance.
(Ord. 1598, passed 12-3-07)