Section 24 State Retiree Benefits Trust Fund - Massachusetts Statutes

Section 24. (a) There shall be and set up on the books of the commonwealth a fund to be known as the State Retiree Benefits Trust Fund, hereinafter in this section referred to as the fund. The pension reserves investment management board established pursuant to section 23 of chapter 32, in this section called the board, shall be the trustee of and shall administer the fund. For the purposes of this section the secretary of the executive office of administration and finance, or his designee, and the executive director of the group insurance commission established pursuant to section 3 of chapter 32A or his designee, shall be members of the board. The provisions of section 23 of chapter 32 shall apply to the management of the fund. The fund shall be an expendable trust not subject to appropriation.

(b) The purpose of said fund shall be for depositing, investing and disbursing amounts set aside solely to meet liabilities of the state employees’ retirement system for health care and other non-pension benefits for retired members of the system. There shall be credited to the fund any revenue from appropriations or other monies authorized by the general court and specifically designated to be credited to the fund, and any gifts, grants, private contributions, investment income earned on the fund’s assets and all other sources. Money remaining in the fund at the end of a fiscal year shall not revert to the General Fund.

(c) Upon request of the group insurance commission established, the board may expend amounts in the fund, without further appropriation, to pay the costs of health care and other non-pension benefits for retired members of the state retirement system; provided, however, that said group insurance commission shall remain responsible for administering the payment of, and determining the terms, conditions, schedule of benefits, carriers and eligibility for, health care and other non-pension benefits for retired members of the state retirement system.

(d) Upon authorization by the board, any other retirement system of the commonwealth may participate in the fund using the same procedures required for participation in the PRIT Fund pursuant to section 22 of chapter 32.

(e) The fund shall be revocable only when all such health care and other non-pension benefits, current and future, payable pursuant to this chapter have been paid or defeased.