St. Charles Parish - File #: 2013-0020

• File #: 2013-0020
• Version: 2
• Name: Trust for St. Charles Parish GASB 45-Post Employment Benefit Obligation (Retiree Health Benefits)
• Type: Ordinance
• Status: Enacted
• File created: 3/11/2013
• In control: Parish Council
• Final action: 3/25/2013
• Enactment date: 3/25/2013
• Enactment #: 13-3-12
• Title: An ordinance to approve and authorize the creation of the St. Charles Parish Retiree Benefits Funding Trust, including the establishment of the Board of Trustees, in accordance with the United States Internal Revenue Code, Section 115 Retiree Benefits Trust for GASB 45 Compliance, the Louisiana Trust Code and Louisiana Law, pursuant to the St. Charles Parish Retiree Health Insurance Plan.
• Sponsors: V.J. St. Pierre Jr., Department of Finance
• Indexes: Contract/Finance and Administrative Cmte, Personnel
• Related files: 2013-0117, 2013-0118, 2015-0157, 2016-0060, 2016-0061, 2020-0036, 2020-0037

Date	Ver.	Action By	Action	Result
3/26/2013	2	Parish President	Approved by the Par. Pres.
3/25/2013	2	Parish Council	Public Hearing Requirements Satisfied
3/25/2013	2	Parish Council	Approved	Pass
3/11/2013	2	Parish Council	Publish/Scheduled for Public Hearing
3/11/2013	2	Parish President	Introduced
1/30/2013	1	Contract/Finance and Administrative Committee	No Quorum

2013-0020
INTRODUCED BY: V.J. ST. PIERRE, JR., PARISH PRESIDENT
(DEPARTMENT OF FINANCE)
ORDINANCE NO. __________
Title
An ordinance to approve and authorize the creation of the St. Charles Parish Retiree Benefits Funding Trust, including the establishment of the Board of Trustees, in accordance with the United States Internal Revenue Code, Section 115 Retiree Benefits Trust for GASB 45 Compliance, the Louisiana Trust Code and Louisiana Law, pursuant to the St. Charles Parish Retiree Health Insurance Plan.
Body
WHEREAS, as a result of the issuance of GASB 45 government organizations must disclose in their financial statements the unfunded portion of “other post-employment benefits”; and,
WHEREAS, in order to provide funding for post-employment benefits, the Internal Revenue Service provides for the creation of a Section 115 Trust; and,
WHEREAS, said Trust shall be governed by a Board of Trustees, as outlined in said trust, who shall receive and accept all contributions to this trust and shall hold, invest, reinvest, manage, administer, conserve and distribute trust property and the increments, proceeds, earnings and income solely to provide health benefits to retirees and their eligible spouses and dependents pursuant to the express provisions of the St. Charles Parish Retiree Health Insurance Plan.
THE ST. CHARLES PARISH COUNCIL HEREBY ORDAINS:
SECTION I. That in accordance with the provisions of the United States Internal Revenue Code, Section 115, the Louisiana Trust Code and Louisiana Law there is hereby established the St. Charles Parish Retiree Benefits Funding Trust. Said Trust shall be irrevocable, and except as otherwise provided within the Trust document, St. Charles Parish shall not have the right to alter, amend, modify or terminate said trust created by this ordinance.
SECTION II. That in accordance with the provisions of said Trust document, this Trust shall not terminate until such time as the St. Charles Parish Retiree Health Insu...