Chapter 3.52 — FEDERATED RETIREE HEALTH CARE TRUST FUND

Unless the context otherwise requires, the definitions and general provisions set forth in this Part 1 govern the construction of Chapter 3.52.

(Ord. 28914.)

"Administrator" means the director of the retirement services department of the City of San José.

(Ord. 28914.)

"Custodian" means a bank, mutual fund, savings and loan association, insurance company or other qualified entity selected by the trustees, to hold and administer the assets of the trust fund.

(Ord. 28914.)

"Dependent" means a surviving spouse, surviving domestic partner, or surviving child, who is entitled to medical benefits under Section 3.28.1960 and/or dental benefits under Section 3.28.2010.

(Ord. 28914.)

"Government accounting standards board" or "GASB" means the organization funded and monitored by the Financial Accounting Foundation (FAF), or successor organization, whose main purpose is to improve and create accounting reporting standards or generally accepted accounting principles (GAAP), which make it easier for users to understand and use the financial records of both state and local governments.

(Ord. 28914.)

"GASB 43" means the estimates of total liability and annual employer required contribution for post retirement health benefits that are required to be provided in the plan's annual financial reports pursuant to Governmental Accounting Standard Board Statement No. 43, as said statement is in effect on July 1, 2011.

(Ord. 28914.)

"GASB 45" means the estimates of total liability and annual employer required contribution for post retirement health benefits that are required to be provided in the city's annual financial reports pursuant to Governmental Accounting Standard Board Statement No. 45, as said statement is in effect on July 1, 2011.

(Ord. 28914.)

"Health and welfare benefit" means a medical, prescription drug, or dental benefit, including a premium subsidy for the same, which is considered a post-retirement benefit other than pension under GASB 43 and/or GASB 45. Such a benefit is limited to medical care expenses, including premium subsidies as defined by IRC Section 213(d), which have been approved by the city council.

(Ord. 28914.)

"Investment fund" means an investment fund that forms part of the trust fund as established by the trustees.

(Ord. 28914.)

"Investment manager" means an investment manager selected by the trustees or a delegatee of the trustees as authorized by Section 3.52.420.

(Ord. 28914.)

"IRC" means the Internal Revenue Code of 1986, as amended.

(Ord. 28914.)

"OPEB obligation" means the obligation for post-employment benefits other than pension benefits as defined under GASB 43 and/or GASB 45.

(Ord. 28914.)

"Plan" means the health plan or plans in which retirees and dependents may participate in order to obtain health and welfare benefits pursuant to Parts 16 and 17 of Chapter 3.28.

(Ord. 28914.)

"Property" refers to any property, real or personal, or partial interests therein, wherever situated, including, but not limited to, preferred and common stocks, shares of investment companies, bonds, notes, debentures and mortgages, equipment trust certificates, investment trust certificates, interests in limited liability companies, in partnerships whether limited or general or in any insurance contract, policy, annuity, or other investment media offered by an insurance company, in which trust assets may be invested pursuant to California law.

(Ord. 28914.)

"Regulation" means a policy, procedure, rule or regulation adopted by the trustees, establishing administrative procedures for the administration of the trust.

(Ord. 28914.)

"Retiree" means a former employee of the city who is retired and is entitled to health and welfare benefits under the plan as described in Parts 16 and 17 of Chapter 3.28.

(Ord. 28914.)

"Trust" means the trust created and established by this chapter.

(Ord. 28914.)

"Trust fund" means all such money, property, and all investments made therewith and proceeds thereof and all earnings and profits thereon, less payments made by the trustees as authorized in this chapter, which trust fund shall be known as the federated city employees health care trust fund.

(Ord. 28914.)

"Trust year" means the twelve-month period beginning each July 1 and ending the following June 30 on which the books and records of the trust are maintained.

(Ord. 28914.)

"Trustees" means the board of trustees as set forth in Section 3.52.400.

(Ord. 28914.)

Words used herein in the masculine gender shall be construed to include the feminine gender where appropriate, and words used herein in the singular or plural shall be construed as being in the plural or singular where appropriate. Accounting terms and principles used herein or applicable hereto shall be as defined and described from time to time by pronouncements and other guidance of the governmental accounting standards board ("GASB"), or any successor organization.

(Ord. 28914.)