§ 36-12.1-21 - Custody and investment of funds. - Rhode Island Statutes

SECTION 36-12.1-21

   § 36-12.1-21  Custody and investment offunds. – (a) All money immediately required for the payment of OPEB Benefits shall beinvested only in accordance with the written objectives and guidelinesestablished by the state investment commission pursuant to the provisions ofchapter 10 of title 35 and other applicable law.

   (b) All money not immediately required for the payment ofOPEB Benefits shall be invested in accordance with the provisions of chapter 10of title 35 and other applicable law and shall be held in a custodial or trustaccount in accordance with § 36-12.1-5. The trust and custodial accountestablished under this section shall be maintained pursuant to writtendocuments which expressly provide that it shall be impossible at any time priorto the satisfaction of all liabilities with respect to employees and theirbeneficiaries for any part of the corpus or income to be used for or divertedto purposes other than the payment of OPEB Benefits to employees and theirbeneficiaries (except as otherwise permitted by § 36-12.1).