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Martin County establishes OPEB trust, appoints trustees to fund retiree benefits
Summary
The board approved creation of a local OPEB trust to replace participation in the State Treasurer’s Trust Fund and appointed trustees including the county manager and finance director. The action was taken to better fund future retiree health liabilities and to invest dedicated funds.
Martin County Commissioners on Aug. 8 approved a resolution to establish an Other Post-Employment Benefits (OPEB) trust fund and adopted a trust agreement to receive funds previously held in the State Treasurer’s Trust Fund.
County Manager David Bone and Finance Director Cindy Ange said the state treasurer’s office will no longer provide the shared trust arrangement and advised counties to create local trusts. The county’s budget set aside $1 million from the hospital fund in fiscal 2018-19 to help capitalize the new trust.
The board appointed David Bone (county manager), Cindy Ange (finance director) and Janice Young (assistant finance director) as initial trustees, and authorized designated officials to execute the trust agreement and transfer the county’s existing OPEB deposits. The resolution specifies funds placed in the trust will be irrevocable for the purpose of paying retiree benefits.
Commissioners approved the measure unanimously, and staff were authorized to take any actions necessary to implement the trust agreement.
