Chapter 3.56
LEOFF 1 OPEB TRUST FUND
Sections:
3.56.030 Disposition of funds.
3.56.010 Fund established.
There is established a city fund known as LEOFF 1 OPEB Trust Fund 115. The LOEFF 1 OPEB trust fund shall be used for the purpose of accounting for all monies received and expended for current LEOFF 1 retiree’s necessary medical services and long-term care coverage. [Ord. 1078B § 1, 2023.]
3.56.020 Sources of revenue.
The sources of revenue for the fund shall consist of (A) $0.225 per $1,000 assessed valuation pension levy, pursuant to SSB 5894, unless a report by a qualified actuary establishes that all or any part of the pension levy is unnecessary to meet the estimated demands of the fund for the ensuing budget year; (B) transfer of the excess funds, if any, from the city’s firemen’s pension fund when the city no longer has any LEOFF 1 firefighters receiving the excess pension and medical and long-term care benefits; (C) interest on the investments of the fund; (D) any other funds as designated by the city council. [Ord. 1078B § 2, 2023.]
3.56.030 Disposition of funds.
The LEOFF 1 OPEB trust fund shall be used exclusively to pay benefits to the LEOFF 1 members, pursuant to Chapter 41.26 RCW and SSB 5894, 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. [Ord. 1078B § 3, 2023.]
3.56.040 Transfer of funds.
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 for other municipal purposes. [Ord. 1078B § 4, 2023.]