General Retirement Health, Life and Disability Benefits Plan (VEBA)

The Defined Benefit Board of Trustees (general employees) is authorized to serve as the Board of Trustees for the VEBA trust entitled the General Retirement Health, Life and Disability Benefits Plan and Trust pursuant to section 25-247 to 25-254 of the Code of Ordinances.

A trustee or other fiduciary under the trust shall discharge his or her duties with respect to the trust solely for the purpose of providing retirement health, life and disability benefits to those eligible to receive such benefits. The trustees shall discharge their duties with the care, skill and caution which a prudent person, acting in a like capacity and familiar with those matters, would use in the conduct of an activity of like character and purpose.

(See also, Employees Retirement System Board of Trustees/Defined Contribution Board of Trustees)