This Trust is intended to provide the means to fund the post-retirement benefits provided by the employee benefit plans described herein. The Trust is intended to qualify as a government trust established to provide an essential governmental function under Code Section 115 and is created pursuant to Nevada Revised Statutes §287.017. The name of the Trust shall be the City of Reno, Nevada OPEB Trust Fund.

Appointment Of Trustees

The Trust shall be administered by three or more Trustees who shall be appointed by the Trust Sponsor’s governing body to act in a fiduciary capacity for the beneficiaries of the Trust, pursuant to NRS 287.017(2)(e) and NAC 287.778(1)(a). No member of the Trust Sponsor’s governing body that creates the Trust may be appointed as Trustee. By signing this Trust, each Trustee hereby accepts the trusteeship and agrees to receive and hold the Trust solely for the use and purposes set forth herein and solely in accordance with the terms hereof.

Pursuant to Section 4.5(b), assets of the Trust Fund shall be invested in the Retirement Benefits Investment Fund established pursuant to NRS 355.220. As a result, the Trust Sponsor’s governing body shall appoint at least three but no more than five Trustees who must include:

• At least one member who has a combination of education and experience of at
  least 5 (five) years in finance or economics;
• A public officer or employee of the Employer who manages the fiscal affairs of
  the Employer; and
• A beneficiary of the Trust
  • A person appointed as a Trustee shall not have a substantial financial interest in the
    ownership or negotiation of securities or other financial instruments in which monies in
    the Trust Fund are invested.
  • Each Trustee that is appointed as a Trust Beneficiary (Section 6.1(a)(3)) shall be appointed
    for a term of at least four years but not to exceed eight years. The Trust Sponsor’s
    governing body may renew the term of any such Beneficiary Trustee.