[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post-employment benefits as described in Government Accounting Standards Board Statements Nos. 43 and 45, as amended or superseded.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.