§ 36-12.1-21. Custody and investment of funds.
(a) All money immediately required for the payment of OPEB Benefits shall be invested only in accordance with the written objectives and guidelines established by the state investment commission pursuant to the provisions of chapter 10 of title 35 and other applicable law.
(b) All money not immediately required for the payment of OPEB Benefits shall be invested in accordance with the provisions of chapter 10 of title 35 and other applicable law and shall be held in a custodial or trust account in accordance with § 36-12.1-5. The trust and custodial account established under this section shall be maintained pursuant to written documents which expressly provide that it shall be impossible at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries for any part of the corpus or income to be used for or diverted to purposes other than the payment of OPEB Benefits to employees and their beneficiaries (except as otherwise permitted by § 36-12.1).
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.