§ 36-12.1-20. Establishment of OPEB trust funds.
The OPEB Board shall establish one or more trust funds and/or sub trusts to hold the assets of the OPEB System, to be known as the Rhode Island OPEB System Trust. Title and legal ownership of all assets of the OPEB System shall be in the name of the Rhode Island OPEB System Trust. The OPEB Board, or its delegate is authorized to execute one or more trust instruments to effectuate the purposes of this section. However, such trust instruments shall require that: a) all funds held by such trusts shall be used solely to pay benefits pursuant to the OPEB System, and reasonable and legitimate administrative expenses associated therewith; b) no asset of the OPEB System or contribution made by the State of Rhode Island, may be recovered or returned to the State, until the OPEB Board has certified all liabilities of the System have been satisfied; and c) at no time shall the assets of the Rhode Island OPEB System Trust shall be subject to the claims of the creditors of the State of Rhode Island or the creditors of any beneficiary of the OPEB System.
History of Section.P.L. 2008, ch. 9, art. 4, § 3.
Structure Rhode Island General Laws
Title 36 - Public Officers and Employees
Chapter 36-12.1 - Retiree Health Care Trust Fund
Section 36-12.1-1. - Name of act.
Section 36-12.1-2. - Statement of purpose.
Section 36-12.1-3. - Background.
Section 36-12.1-4. - Definitions.
Section 36-12.1-5. - Establishment of OPEB system.
Section 36-12.1-6. - Responsibility for administration — rules and regulations.
Section 36-12.1-7. - Composition of the OPEB board.
Section 36-12.1-8. - Meetings of the OPEB board.
Section 36-12.1-9. - Duties of the OPEB board.
Section 36-12.1-10. - Votes of board — Record of proceedings.
Section 36-12.1-11. - Reimbursement of board members.
Section 36-12.1-12. - Annual report and statement.
Section 36-12.1-13. - Executive officers and secretary.
Section 36-12.1-16. - Collection of actuarial and experience data.
Section 36-12.1-17. - Actuarial investigations authorized by board.
Section 36-12.1-18. - Periodic actuarial investigations and valuations.
Section 36-12.1-19. - State contributions.
Section 36-12.1-20. - Establishment of OPEB trust funds.
Section 36-12.1-21. - Custody and investment of funds.
Section 36-12.1-22. - Disposition of investment earnings.
Section 36-12.1-23. - Improper interest in investments of board.
Section 36-12.1-24. - Payment of OPEB benefits.
Section 36-12.1-25. - Annual audits.
Section 36-12.1-26. - Internal revenue code qualification.