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HomeMy WebLinkAbout32-05 - Res. Authorizing Establishment of Medical Savings Account RESOLUTION 32 - 05 RESOLUTION U H I I THE ESTABLISHMENT F A MEDICAL SAVINGS ACCOUNT/VOLUNTARY EMPLOYEES ' BENEFICIARY ASSOCIATION ( 66MSA VEBA" ) PLAN WHEREAS , the Internal Revenue Code , Section 501 (c) (9) allows for the creation of a voluntary employee beneficiary association which is an employee sponsored, tax. exempt health and welfare trust ; and WHEREAS , such tax-exempt plans are available for public sector employees in the Northwest ; and WHEREAS , The Voluntary Employees ' Beneficiary Association for Public Employees in the Northwest Trust offers and will administer a Plan entitled " Voluntary Employees ' Beneficiary Association Medical Expense Plan for Public Employees in the Northwest as Amended and Restated January 1 , 2004 ("the MSA VEBA Plan") ; and WHEREAS , The County Board of Commissioners ("the County") has determined that establishing a defined contribution medical expense reimbursement plan, which provides a tax-free defined contribution account for employees to pay for medical , dental , vision, and tax qualified long term care expenses that are not paid by any other insurance plans , is in the best interest of the County and its employees ; and WHEREAS , the County desires to establish a medical expense reimbursement plan for its employees ; and WHEREAS , the County desires to use the services of the MSA VEBA Trust to administer such plan ; and WHEREAS , such defined contribution medical expense reimbursement plan established by the County will be administered in accordance with the plan documents provided by the MSA VEBA Trust on file in the County office . NOW , THEREFORE , The Board of County Commissioners hereby resolves as follows : Section 1 . Effective April5 , 2005 , the County hereby elects to participate in the Trust as presently constituted or hereafter amended using the MSA VEBA Trust as its plan administrator, and establishes the MSA VEBA program for all eligible County employees . Section 2 . The Plan will be funded by voluntary individual employee accrued leave balances upon retirement from the applicable Washington State employees retirement system . Section 3 . The County retains the right to modify or repeal this medical expense reimbursement plan at its discretion without prior notification to the County' s employees . ADOPTED this 5 t h day of April , 2005 . BOARD OF COUNTY COMMISSIONERS ATTEST : U WJa ` i min , Chairp rs n Rebecca S . Rogers Clerk of the Board L d9 Ring-Erickson, commissioner A�PROVED AS TO FORM : (� Tim Sheldon , Commissioner Michael Clift Chief Deputy Prosecutor