TITLE
Title
GUILFORD COUNTY LAW ENFORCEMENT OFFICERS' SPECIAL SEPARATION ALLOWANCE TRUST
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SPONSOR
Sponsor
Reid Baker
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BACKGROUND
Background
During fiscal year 1989, the County contributed $500,000 "seed money" to the Law Enforcement Officers' Special Separation Allowance Pension Trust Fund. The County has since reported the activity; consisting primarily of annual required contributions, investment returns and benefit payments, as well as, the financial position in this pension trust fund to segregate plan assets from those of the County and its creditors. In order to continue reporting plan assets in a pension trust fund, recent accounting standard changes effective for this fiscal year end require that the County establish an irrevocable trust, in which plan assets are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan and are legally protected from the creditors of the County or plan administrator. Authorization to establish and fund an irrevocable trust for this purpose is provided under NCGS 159-30.2. Included with this agenda are (1) Resolution Establishing the Guilford County Law Enforcement Officers’ Special Separation Allowance (LEOSSA) Trust and Authorizing the Chairman to Execute the Guilford County LEOSSA Trust Agreement; (2) Guilford County LEOSSA Trust Agreement; and (3) LEOSSA Trust Investment Policy.
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RESOLUTION
Resolution
RESOLUTION ESTABLISHING THE GUILFORD COUNTY LOCAL GOVERNMENT LAW ENFORCEMENT OFFICERS' SPECIAL SEPARATION ALLOWANCE (LEOSSA) TRUST AND AUTHORIZING THE CHAIRMAN TO EXECUTE THE GUILFORD COUNTY LOCAL GOVERNMENT LEOSSA TRUST AGREEMENT
WHEREAS, Guilford County has established and maintains certain employee and retirement benefit plans that provide post-employment benefits, including but not limited to retirement benefits to the County's qualified sworn law enforcement officers as required by Article 12D of NC General Statute Chapter 143 in the form o...
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