The purpose is to oversee the City's self-insured medical program and to make recommendations to the City Council regarding trust fund programs, including reserve levels to assure stability and security of the trust fund.
The board of trustees shall consist of five member trustees acting in a fiduciary role and one non-voting member. The human resources director shall serve as a non-voting member. The trustees shall consist of the chief financial officer of the City who will serve as the staff liaison, and four residents appointed by the City Council. Resident trustees must not have been employed by the City and must have expertise in the field of finance, insurance, employment benefits or healthcare.
Powers and duties. The board of trustees shall have the
following powers and duties:
- Provide for an annual audit to be conducted by an external auditor, a copy of which shall be kept on
file with the City Clerk.
- Provide for a periodic actuarial study, not less than
every two years, to assess the adequacy of the funding level of each trust, a copy of which shall be kept on file with the City Clerk.
Meetings will be held at least twice per year. For more information about the Loss Trust Fund Board, please contact Bob Stull, Interim Chief Financial Officer at 623-222-1821.