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CABARRUS COUNTY <br /> 1792 <br /> BOARD OF COMMISSIONERS <br /> REGULAR MEETING <br /> APRIL 18, 2017 <br /> 6:30 P.M. <br /> AGENDA CATEGORY: <br /> Consent Agenda <br /> SUBJECT: <br /> Finance - Establishment of Other Post-Employment Benefits Trust Fund <br /> and Local Government Law Enforcement Special Separation Allowance <br /> Trust Fund <br /> BRIEF SUMMARY: <br /> The County provides certain benefits for its eligible retirees that constitute <br /> what are known as "other post-employment benefits" ("OPEB'). The <br /> County is required to account for OPEB pursuant to the Governmental <br /> Accounting Standards Board Statement No. 45; the County desires to <br /> create a trust fund (the "OPEB Trust Fund') into which it will make an <br /> original deposit of $1 ,000,000 and then deposit regular contributions in <br /> order to further fund the County's OPEB obligations. Such deposits into <br /> the OPEB Trust Fund will be irrevocable, not subject to the claims of <br /> creditors and may only be withdrawn by the County to provide other post- <br /> employment benefits to individuals who are former employees or <br /> beneficiaries of former employees of the County and who are entitled to <br /> other post-employment benefits payable by the County. <br /> The County also provides certain pension benefits for its eligible law <br /> enforcement retirees that constitute what are known as "Local <br /> Government Law Enforcement Special Separation <br /> Allowance" ("LEOSSA'). The County is required to account for <br /> LEOSSA pursuant to the Article 12D of General Statute Chapter 143. <br /> The County desires to create a trust fund (the "LEOSSA Trust Fund') into <br /> which it will make an original deposit of $1 ,576,476 and then deposit <br /> regular contributions in order to further fund the County's LEOSSA <br /> obligations. Such deposits into the LEOSSA Trust Fund will be <br /> irrevocable, not subject to the claims of creditors and may only be <br /> F-3 Page 94 <br />