(A) Trust deposits.
(1) The Trustees hereby delegate to the Program Administrator or his or her designee, the responsibility for accepting contributions to the Trust and remitting said contributions to the Custodian. In all cases, deposits of contributions shall be treated as actually made only as of the date the funds are accepted as in good order by the Program Administrator.
(2) The Trustees shall invest and reinvest the Trust Fund and pay benefits as described herein from the Trust Fund on the order of the Program Administrator or his or her duly authorized representative. The Trustees shall account for contributions, income and payments made to or from the Trust. The Trustees, Custodian and Program Administrator shall not be responsible for the adequacy of the Trust Fund to meet and discharge any liabilities of the city.
(3) Contributions to the Trust shall solely consist of:
(a) Appropriations;
(b) Other employer contributions; and
(c) Any other required retiree, dependent or spouse contributions.
(B) Trust payments.
(1) The Trustees shall disburse amounts from the Trust Fund for the sole purpose of assisting in the payment of the city’s premiums for post-retirement health insurance and life insurance for retirees and their eligible spouses and dependents and for reasonable expenses, fees and allocated administrative fees and expenses.
(2) Any amounts remaining in the Trust Fund after all premiums, fees and expenses have been paid shall be retained for payment of future premium payments until all city liabilities for post-retirement health benefits have been satisfied.
(C) Trust expenses. The Trustees may pay fees and expenses from the assets of the Trust Fund, as well as a reasonable allocation of all administrative fees and expenses.
(Ord. 1598, passed 12-3-07)