HomeMy WebLinkAbout20080423.tiff NI '~ •
RESOLUTION
RE: APPROVE CREATION OF THE WELD COUNTY OTHER POST EMPLOYMENT
BENEFITS (OPEB) PLAN TRUST FUND
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Weld County Other Post Employment Benefits (OPEB) Plan is a
single-employer defined benefit healthcare plan, administered by Weld County, which provides
medical, dental, and vision insurance benefits to eligible retirees and their spouses, and was
created by resolution on November 30, 1998, and amended on December 16, 2002, and
September 21, 2005, and
WHEREAS, the OPEB Plan provides the same health, dental, and vision plan offered to
Weld County employees, at the same cost; however, the OPEB Plan is not a part of the Weld
County Retirement Plan, and is not a vested benefit or right, rather, it is a plan that may be
amended or stopped at any time by the Board of Weld County Commissioners,for any reason, and
WHEREAS,prior to 2007,the Government Accounting Standards Board(GASB)previously
allowed the OPEB Plan to be funded on a pay-as-you-go basis; however, GASB Statement No. 45
requires that Weld County account for the OPEB Plan's actuarial liability, and fund the annual
actuarial liability on an annual basis, beginning with the December 31, 2007, Comprehensive
Annual Financial Report, and
WHEREAS,GASB Statement No. 45 requires that for the funds to be counted as an asset,
and to cover the actuarial liability of the OPEB Plan, assets must be deposited in an OPEB Plan
Trust Fund, and,
WHEREAS,in order to meet the requirements of GASB Statement No.45,the contributions
by the employer to the trust fund must be irrevocable, the assets of the trust must be dedicated to
providing benefits to retirees and their beneficiaries, and the assets must be legally protected from
the creditors of the employer, and
WHEREAS, by creating a trust fund, as described above, the OPEB Plan assets may be
invested in the same manner as the Weld County Retirement Plan assets, and
WHEREAS,the Director of Finance and Administration recommends that the Weld County
Other Post Employment Benefits(OPEB) Plan Trust Fund (Fund Number 7810) be created in the
books of the Weld County Treasurer and the Weld County Accounting Office, to account for the
OPEB Plan assets.
NOW THEREFORE BE IT RESOLVED, by the Board of County Commissioners of
Weld County,Colorado,that the Weld County Other Post Employment Benefits(OPEB)Plan Trust
Fund (Fund Number 7810) in the Weld County Treasury, be, and hereby is, created, and the
Accounting Office be, and hereby is, directed to account for the OPEB Plan assets in said fund.
2008-0423
C C n r E0025�/M0WSOd(?5/0
CREATION OF THE WELD COUNTY OTHER POST EMPLOYMENT BENEFITS (OPEB)
PLAN TRUST FUND
PAGE 2
BE IT FURTHER RESOLVED by the Board that the employer's contributions to the trust
fund shall be irrevocable, the assets of the trust shall be dedicated to providing benefits to retirees
and their beneficiaries, and the assets shall be legally protected from the employer's creditors.
BE IT FURTHER RESOLVED by the Board that the OPEB Plan assets in the Weld County
Other Post Employment Benefits (OPEB) Plan Trust Fund may be invested in the same manner
as the Weld County Retirement Plan assets,in accordance with applicable Colorado State law,and
that the trust fund be credited with any interest earned by the Weld County Treasurer.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 6th day of February, A.D., 2008.
BOARD OF COUNTY COMMISSIONERS
/y WELD COUNTY, COLORADO
ATTEST: "� , f '�/
m H. J rke, Chair
Weld County Clerk to the toarb i E,,ff<;1 Robe . as Pro-
BY:
D p ty Cle to the Boar
rci - (�
A 2rneySL
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g
Co
Douglas ademache
Date of signature: ala0f c'
2008-0423
PC0025 Ater 05
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