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Lindsay council creates IRS Section 115 trust to prefund retiree health and stabilize pension costs
Summary
Council approved establishing an IRS Section 115 trust administered by PARS to prefund OPEB and pension liabilities; staff said establishing the trust has no setup cost, fees apply only after funding, and withdrawals for eligible obligations carry no penalties.
The Lindsay City Council unanimously approved forming an IRS Section 115 trust on June 24 to begin prefunding post-employment benefits and to smooth future pension contributions.
Matt Spooner, a representative of Public Agency Retirement Services (PARS), presented the 115 trust and called it “a savings account on steroids,” explaining the vehicle can hold assets for OPEB (post-employment health care) and for pension pre-funding. Spooner said…
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