ADOPTED - MARCH 25, 2008

Agenda Item No. 14

Introduced by the Finance Committee of the:

INGHAM COUNTY BOARD OF COMMISSIONERS

RESOLUTION AUTHORIZING A PUBLIC EMPLOYEE HEALTH CARE FUND

RESOLUTION #08-082

WHEREAS, Public Act 149 of 1999 (PA149) encourages public employer pre-funding of retiree health care benefits by allowing a separate investment fund that may be invested in accordance with the Pension Act; and

WHEREAS, funds have been allocated in the 2006, 2007, and 2008 budgets for this purpose; and

WHEREAS, a trust fund would commit these monies to retiree health care, protect the assets from County creditors, and permit investment in accordance with the Public Employee Retirement System Act, 1965 PA314, MCL 38.1132 to 38.1140.

THEREFORE BE IT RESOLVED, that the Ingham County Board of Commissioners hereby authorizes the establishment of a trust fund for retiree health care in accordance with PA149 of 1999.

BE IT FURTHER RESOLVED, that the Ingham County Controller, the Ingham County Treasurer, and the Ingham County Director of Financial Services shall act collectively as the fund’s investment fiduciary.

BE IT FURTHER RESOLVED, that the fund’s investment fiduciary may invest Retiree Health Care Trust Fund assets as permitted by the Public Employee Retirement System Act, 1965 PA314, MCL 38.1132 to 38.1140.

BE IT FURTHER RESOLVED, that withdrawals from the fund may be made solely for the payment of health care benefits for Ingham County retirees and the expenses of administration of the fund.

BE IT FURTHER RESOLVED, that an actuarial review of the fund will be prepared at least once every two years.

BE IT FURTHER RESOLVED, that the statement of the investment of the funds be included in the Treasurer’s quarterly report.

FINANCE:    Yeas:  Grebner, Hertel, Celentino, Dougan

Nays:  None        Absent:  Weatherwax-Grant, Schor      Approved 3/19/08