HomeMy WebLinkAbout4514 ~ORDINANCE CREATINGANEXPENDABLE TRUST FUND
TO BE CALLED THE EMPLOYEE NED~CAL INSUI~NCE
RESERVE FUND AND DESiGNATiNG THE PURPOSE ~
USES THEREOF.
THE CITY OF BRENERTON DOES ORDAIN:
SECTION ~. A new chapter, 3.29, entitled EMPLOYEE MEDICAL
INSURANCE RESERVE FUND, is added to the Bremerton municipal Code to
read as follows:
.100 ESTABLISHED. There is hereby established an expendable
trust fund to be called the "EMPLOYEE MEDICAL INSURANCE RESERVE
FUND" for the purpose of providing a discreet accounting for monies
heretofore accumulated from health insurance premiums paid by the
City in excess of the actual cost of insured employee health care,
stop loss coverage, claims processing and other related costs of
administering the City's employee medical benefits insurance plans
together with any monies which may so accumulate in the future.
.200 ADMINISTRATION. The Employee Medical Insurance Reserve
Fund shall be operated as an expendable trust fund. The fund shall
receive all monies described above together with any interest
thereon, provided that monies in an amount considered prudent by
the City may remain in the possession of the City's employee
medical contractor and shall be accounted for within the fund while
remaining in the possession of the contractor.
.300 EXPENDITURES. Monies within the fund shall be expended
to offset future increases in the cost of employee medical
insurance benefits, additional employee medical benefits, an
employee wellness program, stop loss coverage, claims processing or
other costs associated with the administration of the City's
employee medical benefits insurance program or other health related
purposes. Such expenditures shall be consistent with the
provisions of all collective bargaining agreements between the City
and its employees. The fund shall be administered by the City
Treasurer who shall authorize all expenditures under the direction
of the Mayor and subject to the budgetary authorization of the City
Council.
APPROVED by the City council on the first reading this /~' day
of May, 1995.
PASSED by the City Council of the City of Bremerton this
day of May, 1995.
SHERRIL HU~-ME~EES
Council President
Approved this ~ day of May, 1995.
L~N HORTON, Mayor
ATTEST:
KATHLEEN MCCLUS~, City Clerk
EFFECTIVE DATE /~-
PU~)LICATION DATE ,~-~-72
ORDINANCE NLIMgER