§ 159-30.2. Trust for law enforcement special separation allowance benefits. - North Carolina Statutes

§ 159‑30.2.  Trust forlaw enforcement special separation allowance benefits.

(a)        Trust. – A unit oflocal government employing local law enforcement officers may establish andfund an irrevocable trust for the purpose of paying law enforcement special separationallowance benefits for which the unit of local government is liable. Theirrevocable trust must be established by resolution or ordinance of the unit'sgoverning board. The resolution or ordinance must state the purposes for whichthe trust is created and the method of determining and selecting the Fund'strustees. The resolution or ordinance establishing the trust may be amendedfrom time to time, but an amendment may not authorize the use of monies in thetrust for a purpose not stated in the resolution or ordinance establishing thetrust.

(b)        Restrictions. – Moniesin an irrevocable trust established under subsection (a) of this section may beappropriated only for the purposes for which the trust was established. Moniesin the trust are not subject to the claims of creditors of the entity thatestablished the trust. A unit of local government that establishes a trust maynot deposit money in the trust if the total amount held in trust would exceedthe unit's actuarial liability, determined in accordance with the standards ofthe Governmental Accounting Standards Board, for the purpose for which thetrust was established. (2007‑384, s. 10.)