159-30.1. Trust for other post-employment benefits.
(a) Trust. - A local government, a public authority, an entity eligible to participate in the Local Government Employees' Retirement System, or a local school administrative unit may establish and fund an irrevocable trust for the purpose of paying (i) post-employment benefits for which the entity is liable or (ii) contribution-based benefit cap liabilities to the Local Governmental Employees' Retirement System. The irrevocable trust must be established by resolution or ordinance of the entity's governing board. The resolution or ordinance must state the purposes for which the trust is created and the method of determining and selecting the Fund's trustees. The resolution or ordinance establishing the trust may be amended from time to time, but an amendment may not authorize the use of monies in the trust for a purpose not stated in the resolution or ordinance establishing the trust.
(b) Restrictions. - Monies in an irrevocable trust established under subsection (a) of this section may be appropriated only for the purposes for which the trust was established. Monies in the trust are not subject to the claims of creditors of the entity that established the trust. An entity that establishes a trust may not deposit money in the trust if the total amount held in trust would exceed the entity's actuarial liability, determined in accordance with the standards of the Governmental Accounting Standards Board, for the purposes for which the trust was established. A trust established pursuant to subsection (a) of this section shall be referred to as a Local Government Other Post-Retirement Benefits Trust, and the assets of that trust may be invested as provided in G.S. 159-30(c) or deposited with the State Treasurer for investment pursuant to G.S. 147-69.2(b4). (2007-384, s. 5; 2010-175, s. 2; 2021-75, s. 1.1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159 - Local Government Finance
Article 3 - The Local Government Budget and Fiscal Control Act.
§ 159-7 - Short title; definitions; local acts superseded.
§ 159-8 - Annual balanced budget ordinance.
§ 159-11 - Preparation and submission of budget and budget message.
§ 159-12 - Filing and publication of the budget; budget hearings.
§ 159-13 - The budget ordinance; form, adoption, limitations, tax levy, filing.
§ 159-13.1 - Financial plan for intragovernmental service funds.
§ 159-13.2 - Project ordinances.
§ 159-14 - Trust and custodial funds; budgets of special districts.
§ 159-15 - Amendments to the budget ordinance.
§ 159-17 - Ordinance procedures not applicable to budget or project ordinance adoption.
§ 159-17.1 - Vending facilities.
§ 159-18 - Capital reserve funds.
§ 159-20 - Funding capital reserve funds.
§ 159-27 - Distribution of tax collections among funds according to levy.
§ 159-27.1 - Use of revenue bond project reimbursements; restrictions.
§ 159-28 - Budgetary accounting for appropriations.
§ 159-28.1 - Facsimile signatures.
§ 159-30 - Investment of idle funds.
§ 159-30.1 - Trust for other post-employment benefits.
§ 159-30.2 - Trust for law enforcement special separation allowance benefits.
§ 159-31 - Selection of depository; deposits to be secured.
§ 159-32.1 - Electronic payment.
§ 159-33 - Semiannual reports on status of deposits and investments.
§ 159-33.1 - Semiannual reports of financial information.
§ 159-33.2 - Interim event reporting.
§ 159-34 - Annual independent audit; rules and regulations.
§ 159-35 - Secretary of Local Government Commission to notify units of debt service obligations.
§ 159-36 - Failure of local government to levy debt service taxes or provide for payment of debt.
§ 159-37 - Reports on status of sinking funds.
§ 159-38 - Local units authorized to accept their bonds in payment of certain claims and judgments.
§ 159-39 - Special regulations pertaining to public hospitals.
§ 159-40 - Special regulations pertaining to nonprofit corporations receiving public funds.
§ 159-41 - Special regulations pertaining to joint municipal power agencies.
§ 159-42 - Special regulations pertaining to public housing authorities.
§ 159-42.1 - Establishment of nonprofit corporation by public authority authorized.