Ordinance 3208-10 - Laserfiche WebLink

AV ORDINANCE NO. 3 2 0 8-10 An Ordinance Regarding Fund 637, the City's Police Pension Fund. WHEREAS, Chapters 41.20 and 41.26 of the Revised Code of Washington (RCW) establish the City's pension obligation for police officers hired before October 1, 1977; and WHEREAS, Chapters 41.20 and 41.26 of the RCW establish the City's obligation to pay necessary medical costs for police officers hired before October 1, 1977, commonly referred to as Other Post Employment Benefits (OPEB); and WHEREAS,records show that the City has maintained a Police Pension Fund, as far back as 1918 and has always used the fund solely to meet the City's obligations to disabled and retired police officers and to account for and report on those obligations; and WHEREAS, RCW 41.26.053 protects the monies in Fund 637, the City's Police Pension Fund, from creditors; and WHEREAS, under the City's Police Pension Fund Investment Policy, the City has manages Fund 637 as equivalent to a trust; and WHEREAS, the Governmental Accounting Standards Board has adopted Statement 43 and Statement 45 which require that a city's fund meet certain criteria, establishing that it is a trust or trust equivalent, in order to treat the accumulated assets in Fund 637, the City's Police Pension Fund, as being held in trust for reporting purposes; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1. The City Council affirms the City's intent that Fund 637, the City's Police Pension Fund, be managed and accounted for as a trust equivalency. Section 2. Funds allocated for pension obligations to Fund 637, Sub Fund 000, the City's Police Pension Fund, shall not be withdrawn or expended for any other purpose than to meet the City's pension obligations under Chapters 41.20 and 41.26 of the RCW until the City has no further pension obligations under those chapters. 1