Article III. EMPLOYEES' POST-RETIREMENT HEALTH AND WELFARE BENEFITS FUND  

Editor's note— Ord. No. 6696-10, §§ 2—4, adopted and effective June 22, 2010, provides that: Any post-retirement medical and dental benefits, and life insurance, for retirees of the Newport News Public School System shall be governed by the policies and procedures of the Newport News School Board.   Pursuant to Newport News School Board Resolution No. 09-11, as amended, (adopted May 19, 2009) the School Board established an other post-employment benefits ("OPEB") trust in accordance with Virginia law in order to accumulate and invest assets to fund such benefits. The amendments to the City Code which delete reference to OPEB benefits for School Board employees will be accompanied by actions which transfer an actuarial determined portion of the post-retirement fund to the School Board which will deposit such funds in the School Board's separate fund. That amount is based on the July 1, 2009 actuarial valuation of the post-retirement fund in the amount of $1,627,570.   Effective July 1, 2009, School Board participation in, and contribution to, the post-retirement fund ceased.