§ 36-12.1-20 - Establishment of OPEB trust funds. - Rhode Island Statutes

SECTION 36-12.1-20

   § 36-12.1-20  Establishment of OPEB trustfunds. – The OPEB Board shall establish one or more trust funds and/or sub trusts tohold the assets of the OPEB System, to be known as the Rhode Island OPEB SystemTrust. Title and legal ownership of all assets of the OPEB System shall be inthe name of the Rhode Island OPEB System Trust. The OPEB Board, or its delegateis authorized to execute one or more trust instruments to effectuate thepurposes of this section. However, such trust instruments shall require that:a) all funds held by such trusts shall be used solely to pay benefits pursuantto the OPEB System, and reasonable and legitimate administrative expensesassociated therewith; b) no asset of the OPEB System or contribution made bythe State of Rhode Island, may be recovered or returned to the State, until theOPEB Board has certified all liabilities of the System have been satisfied; andc) at no time shall the assets of the Rhode Island OPEB System Trust shall besubject to the claims of the creditors of the State of Rhode Island or thecreditors of any beneficiary of the OPEB System.