Chapter 3.98
LEOFF 1 OPEB TRUST FUND
Sections:
3.98.010 Established—Sources.
There is established a city fund to be designated and known as the “LEOFF 1 OPEB trust fund 116.” The LEOFF 1 OPEB trust fund shall be used for the purpose of accounting for all monies received and expended for the current and future LEOFF 1 retiree necessary medical services and long-term care coverage.
Sources of revenue for the fund will be funds as designated by the city council. (Ord. 2439 § 1 (part), 2019).
3.98.020 Use of fund.
Uses of the LEOFF 1 OPEB trust fund shall be used exclusively to pay benefits to the law enforcement officers’ and firefighters’ retirement system, Plan 1, pursuant to Chapter 41.26 RCW, other than pension, until such time as there are no retirees legally eligible to receive benefits from the LEOFF 1 OPEB trust fund. In addition to the benefit payments, costs directly related to actuarial analysis and administrative functions of the LEOFF 1 OPEB trust fund should be charged to the LEOFF 1 OPEB trust fund.
At the time there are no retirees legally eligible to receive benefits from the LEOFF 1 OPEB trust fund, any remaining funds shall be transferred to the general fund of the city. (Ord. 2439 § 1 (part), 2019).