Title
Maryland Association of Counties Pooled OPEB Trust Fund - For the purpose of authorizing the adoption and establishment of a non-pension post employment benefits trust.
Body
CITY COUNCIL OF THE
City of Annapolis
Ordinance 19-15
Sponsored by: Mayor Pantelides
Referred to
Finance
Financial Advisory Committee
Rules & City Government
AN ORDINANCE concerning
Maryland Association of Counties Pooled OPEB Trust Fund
FOR the purpose of authorizing the adoption and establishment of a non-pension post employment benefits trust.
WHEREAS, City of Annapolis (the "City"), provides other postretirement benefits under programs which provide non-pension benefits ("Other Post-Employment Benefits") for retirees of the City who have satisfied certain age, service and other requirements and their beneficiaries; and
WHEREAS, the City wishes to establish a reserve to pay Other Post-Employment Benefits; and
WHEREAS, pursuant to Section 17-102 of the Local Government Article of the Annotated Code of Maryland (2013 Replacement Volume), the City is authorized to create pooled investments under the stewardship of a separate body under an agreement with a political subdivision of the State for the investment of money intended for other postemployment benefits; and
WHEREAS, Section 17-102 also provides that the trustees or other officers in charge of an other postemployment benefits fund may invest and reinvest the money in their custody or control as provided by a law enacted by the governing body of the political subdivision; and
WHEREAS, the City desires to participate in the Maryland Association of Counties Pooled OPEB Trust Fund.
NOW, THEREFORE:
SECTION I: BE IT ESTABLISHED AND ORDAINED BY THE ANNAPOLIS CITY COUNCIL that the City of Annapolis hereby adopts and establishes a trust (the "Trust") for the purpose of accumulating and investing assets to fund Other Post-Employment Benefits, in the form set forth in the Maryla...
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