OPEB Trust definition
Examples of OPEB Trust in a sentence
Contributions to the OPEB Trust, or to the interest bearing account holding funds to be transferred to the OPEB Trust upon its creation, are irrevocable and will not be used towards the payment of OPEB benefits before January 1, 2019.
In January 2016, the City shall make an initial deposit of $5 million dollars into the OPEB Trust.
If the creation of the OPEB Trust is still pending on any date on which the employees’ contribution is due, the contribution will be deposited in an interest bearing account that is separate from the City’s general fund until such time as the creation of the OPEB Trust is complete and the money, including any accumulated interest, can be transferred to the OPEB Trust.
The contributions described in this paragraph represent the City’s total contribution to the OPEB Trust on behalf of all safety members and is not a specific contribution that is made exclusively for the benefit of those individuals employed in classifications represented by the Association.
The City will create an OPEB Trust for the purpose of setting aside and accumulating funds to be used to towards the payment of OPEB benefits for those sworn employees in the City’s Fire and Police Departments (“safety members”) who retire after January 1, 2019.
Such separation payments will be made through a separately established reserve fund, as payments of this nature out of the OPEB Trust itself are not permissible per IRS regulations.
If the creation of the OPEB Trust is still pending on any date on which the City’s contribution is due, the contribution shall be deposited in an interest bearing account that is separate from the City’s general fund until such time as the creation of the OPEB Trust is complete and the money, including any accumulated interest, can be transferred to the OPEB Trust.
Effective the first full pay period after January 1, 2016, the contribution provided by employees hired after June 7, 2011 to the OPEB Trust will be equal to 1% of top step base salary of a firefighter.
Effective the first full pay period after January 1, 2017 and continuing thereafter until modified by subsequent agreement, the contribution provided by employees hired after June 7, 2011 to the OPEB Trust will be equal to 2% of top step base salary of a firefighter.
The City will create an OPEB Trust for the purpose of setting aside and accumulating funds to be used towards the payment of OPEB benefits for those sworn employees in the City’s Fire and Police Departments (“safety members”) who pay into the Trust and retire after January 1, 2019.