§ 36-8-15 - Custody and investment of funds. - Rhode Island Statutes

SECTION 36-8-15

   § 36-8-15  Custody and investment of funds.– (a) All money immediately required for the payment of retirement allowances orother benefits shall be deemed to be held in a trust under the laws of thestate of Rhode Island with respect to which the general treasurer is designatedthe trustee in accordance with § 36-8-20(b). The trustee shall only investthese funds 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 ofretirement allowances or other benefits shall be invested in accordance withthe provisions of chapter 10 of title 35 and other applicable law and shall beheld in a custodial or trust account in accordance with § 36-8-20(b).

   (c) By December 31, 1994, 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 retirement allowances and other pensionbenefits to employees and their beneficiaries (except as otherwise permitted by§ 36-8-20(b)).