HomeMy WebLinkAbout20191422RESOLUTION
RE: TERMINATION OF WELD COUNTY OTHER POST EMPLOYMENT BENEFITS (OPEB)
PLAN AND CLOSING OF ASSOCIATED OPEB TRUST FUND, EFFECTIVE
DECEMBER 31, 2019
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 County has established an Other Post Employment Benefits (OPEB) Plan
that provides for certain post -employment benefits, including retiree medical benefits, but
excluding pension benefits (collectively "OPEB Benefits") for certain groups of employees and
retirees of the County, their spouses and dependents (collectively "Retirees") which are eligible
for benefits under the OPEB Plan adopted November 30, 1998, and as amended from time to
time, and
WHEREAS, as of December 31, 2019, there will no longer be any Retirees eligible to
receive post -employment benefits under the plan, and
WHEREAS, the Weld County Director of Finance and Administration is recommending
that the OPEB Plan and associated OPEB Trust Fund be formally terminated as of December 31,
2019, since there will no longer be any Retirees eligible to receive post -employment benefits
under the plan, and
WHEREAS, the Director of Finance and Administration is recommending that the
remaining cash balance in the OPEB Trust Fund as of December 31, 2019, be transferred to the
Weld County Retirement Plan.
NOW, THEREFORE, BE IT RESOLVED by the Board of Weld County Commissioners
that the OPEB Plan and associated OPEB Trust Fund are hereby formally terminated as of
December 31, 2019, since there will no longer be any Retirees eligible to receive post -
employment benefits under the OPEB Plan.
BE IT FURTHER RESOLVED by the Board of Weld County Commissioners that the
Director of Finance and Administration and County Treasurer are authorized to make the
necessary accounting transactions to transfer any remaining cash balance in the OPEB Trust
Fund, as of December 31, 2019, from the OPEB Trust Fund to the Weld County Retirement Plan
Trust Fund.
CC.c%cowl5o) AC-TCFCIco),
-TRCLicz0),FIR( PR.
/11/t5
2019-1422
PE0033
RE: TERMINATION OF WELD COUNTY OTHER POST EMPLOYMENT BENEFITS (OPEB)
PLAN AND CLOSING OF ASSOCIATED OPEB TRUST FUND, EFFECTIVE
DECEMBER 31, 2019
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 10th day of April, A.D., 2019.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST:
Weld County Clerk to the Board
BY:
Deputy Clerk
i
arbara Kirkmey r, Chair�Q/
Mi a Freeman, Pro-Tem
Date of signature: WI Wig
teve Moreno
2019-1422
PE0033
Hello