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Mineral Wells council names trustees, ratifies health-insurance trust expenditures and plans new IRS Section 115 trust
Summary
The City Council approved a resolution naming trustees for the city's employee health insurance trust, ratified prior trust expenditures and directed staff to create a new Section 115 trust to separate certain post-employment liabilities and return about $849,000 to the general fund.
The Mineral Wells City Council voted 7-0 on July 1 to name trustees for the City of Mineral Wells Employee Health Insurance Trust, ratify prior expenditures from the trust and direct staff to establish a new Section 115 trust under the Internal Revenue Code.
City staff told the council the original trust was created in February 2005 and amended in February 2009, and that the prior sole trustee resigned after retiring. The city has continued to operate the trust while a trustee…
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