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Goodyear establishes irrevocable OPEB trust, earmarks $3.4 million annually to prefund retiree health
Summary
The City of Goodyear voted 7-0 to create an irrevocable other post-employment benefits (OPEB) trust, adopt funding and investment policies, appoint the finance director as trust administrator and begin funding in June. Staff said the trust lowers actuarial liabilities and allows a more diversified investment strategy.
The Goodyear City Council on May 19 adopted a resolution to establish an irrevocable other post-employment benefits trust to prefund retiree health care benefits and appointed the finance director as the trust administrator.
Jared Askelson, finance director for the City of Goodyear, told council the city has set aside $3.4 million in the budget for the next five years to prefund retiree health benefits and that the trust will allow a higher assumed investment…
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