[Adopted 5-13-2013 by Ord. No. HR-398[1]]
[1]
Editor's Note: This ordinance provided that it would become
effective on the 31st day following enactment.
The Board of Supervisors of the Township of Tredyffrin is hereby
authorized to execute the trust agreement attached hereto as Appendix
A and incorporated herein.[1]
[1]
Editor's Note: Said agreement is included as an attachment to this chapter.
The Township seeks to accumulate assets in a trust to fund the
long-term obligations of the Township for post-retirement life and
medical benefits provided under applicable collective bargaining agreement(s),
Tredyffrin Township Employee Handbook(s) and insurance plan document(s)
identified in Exhibit A of the trust agreement, as such exhibit may
be amended from time to time (the "plan").
A.
A trust is hereby irrevocably established for the exclusive benefit
of participants, and their spouses, dependents and beneficiaries as
defined under the plan.
B.
The trust is intended to be a separate trust to accommodate advance
funding of other post-employment benefits as described in Government
Accounting Standards Board Statements Nos. 43 and 45, as amended or
superseded.
A.
The trust shall be held by a Board of Trustees, and successor trustees,
who shall be appointed by the Board of Supervisors as set forth in
the trust agreement.
B.
The authority and duties of the Board of Trustees are set forth in
the terms of the trust agreement.
C.
The Trustees shall not be entitled to compensation for their services
in respect to the trust. The Trustees shall be reimbursed for expenses
reasonably incurred by them in the administration of the plan and/or
the trust.
D.
The Trustees shall at all times be bonded, the cost of which shall
be paid from the trust unless paid by the Township.
The Trustees shall have the authority over the investment of
the assets held in the trust as set forth in the terms of the trust
agreement.
The Township shall contribute amounts to the trust in its sole
and absolute discretion and shall have the right to discontinue contributions
without termination of the trust, subject to the terms of the trust
agreement.
The trust may provide benefits pursuant to the terms of the
plan, by cash payment to the appropriate parties as set forth by the
terms of the trust agreement.
The Trustees shall not be liable for any loss of funds, except
as set forth in the trust agreement.
The Township may designate the trust to hold the assets of such
other plans the Township may adopt in addition to the initial plan,
providing life, sickness, accident, medical, disability, or other
similar welfare benefits, subject to the terms of the trust agreement.
