[Ord. No. 1082, § I, 8-12-2014]
This trust is established to administer the fund known as the
"City of Pittsfield Other Post-Employment Benefit Trust Fund" in conformity
with the provisions of MGL c. 32B, § 20, and with the terms
of the City of Pittsfield Other Post-Employment Benefits Trust Agreement
(OPEB Trust), a copy of which shall be kept on file with the City
Clerk. In accordance with its terms, the OPEB Trust shall be irrevocable,
and its sole purpose is to provide funding for the City's other post-employment
benefits for the exclusive benefit of the City's retired employees
and their eligible dependents and for defraying the reasonable expenses
of the Trust. The City shall have no obligation to make contributions
to the Trust to fund OPEB, and the size of the Trust may not be sufficient
at any one time to meet the City's OPEB liabilities. This Trust Agreement
shall not constitute a pledge of the City's full faith and credit
or taxing power for the purpose of paying OPEB, and no retiree or
beneficiary may compel the exercise of taxing power by the City for
such purposes. The obligation of the City to pay or fund OPEB obligations,
if any, shall be determined by the City or applicable law. Distributions
of assets in the Trust are not debts of the City within the meaning
of any constitutional or statutory limitation or restriction.
[Ord. No. 1082, § I, 8-12-2014; Ord. No. 1183, § 1, 3-28-2017]
There shall be a Board of Trustees consisting of seven members, including the Mayor or his/her designee; the City Treasurer; a City Councilor; an employee of the City of Pittsfield; a retiree of the City of Pittsfield, and two registered voters of the City of Pittsfield. One or more members of the Board of Trustees shall have investment experience. The Mayor, Treasurer and the City Councilor shall serve so long as they continue to hold office. The employee and retiree trustee shall be members of the Public Employee Committee. Said trustees shall serve so long as they are members of the Public Employee Committee. The trustee with investment experience and the registered voter trustees shall be appointed by the Mayor pursuant to Section 3-3 of the City Charter. The trustee with investment experience and the registered voters shall serve terms of three years. Upon the expiration of a term of any member of this Board, the Mayor shall, in accordance with Section 3-3 of the City Charter, appoint a successor. In the event that a member resigns, a vacancy will be deemed to exist, and the Mayor shall fill a vacancy for the remainder of the unexpired term.
[Ord. No. 1082, § I, 8-12-2014]
The City Treasurer, by virtue of his/her office, shall be the
custodian of the OPEB Trust Fund, and shall invest and reinvest the
funds consistent with the prudent investor rule established in MGL
c. 203C. As provided in MGL c. 32A, § 24(d), the Treasurer
is hereby authorized to invest all or a portion of the fund, as directed
by the Trustees, in the State Retiree Benefits Trust Fund established
in MGL c. 32A, § 24.
