§ 3-1-7. Post-employment non-pension benefit trust fund account.

(a)

Establishment of account. There is hereby established for the City of Alexandria a permanent account to be known and designated as The City of Alexandria Post-Employment Non-Pension Benefit Trust Fund Account, which account shall be accounted for and maintained separate and apart from all other accounts maintained by the City of Alexandria. Such trust fund account shall be maintained and administered pursuant to the terms and requirements of Virginia Code section 15.2-1544 et seq.

(b)

Funding of account. The city council shall, for the fiscal year commencing July 1, 2008, and in each ensuing fiscal year, assign and appropriate to such trust fund account such funds as deemed reasonably prudent for the ongoing and future payment of post-employment non-pension benefits for retired employees of the City of Alexandria and their eligible beneficiaries or beneficiaries of employees of the City of Alexandria whose death occurred while in the line of duty pursuant to Code of Virginia section 9.1-400 et seq. (1950) as amended. Such appropriated funds, together with any employee or retiree contribution funds deposited in such account, shall be irrevocable, and unexpended appropriations to such account shall not lapse or expire at the end of the fiscal year in which made, irrespective of whether such appropriations were encumbered within such fiscal year. Funds deposited in the account shall be invested in accordance with law, and earnings thereon shall likewise be irrevocably deposited into such account.

(c)

Expenditures from account. Notwithstanding any contrary provision of law, appropriations from the said account shall be authorized and made exclusively to pay for post-employment non-pension benefits afforded under any applicable retirement plan for former City of Alexandria employees pursuant to the terms of those plans. Once such trust fund has been fully funded (so as pay the city's actuarially determined liability for such benefits accrued and accruing, excepting only funds required to be deposited in the current fiscal year), such post-employment non-pension benefits shall be paid exclusively from the trust fund.

(d)

Post-employment non-pension benefits defined. As used in this section, post-employment non-pension benefits means medical, dental, and life insurance provided to individuals who have terminated their service with the City of Alexandria and to the spouse or dependents of such individuals, whether provided by purchasing insurance, by a program of self-insurance, or by a combination of both and a one-time payment to the beneficiary of a deceased person pursuant to Code of Virginia section 9.1-402 (1950) as amended.

(e)

Administration of account. The trust fund account established by this section shall be managed, maintained and invested, as set forth in Virginia State Code section 15.2-1544 et seq., by a three-member finance board, comprised of the chief financial officer and director of finance of the city, and one citizen member with proven integrity, business ability, and demonstrated experience in cash management and investments, appointed by city council for a two-year term. (Ord. No. 4551, 6/14/08, Sec. 2; Ord. No. 4762, 5/12/12)