§ 10-14-103. PURPOSE.

Latest version.

(a)

In general. The Other Post-Employment Benefits Trust Fund shall provide payment for health and life insurance coverage for individuals and their beneficiaries who receive retirement benefits under Article 5, Title 1 of the Code.

(b)

Tax exempt trust. The Trust Fund is intended to qualify as a tax exempt trust under § 115 of the Internal Revenue Code.

(c)

Exclusive benefit of retirees and beneficiaries; reversion to county upon termination.

(1)

The Trust Fund shall be held for the exclusive benefit of individuals and their beneficiaries who receive retirement benefits under Article 5, Title 1 of the Code and used only to provide benefits and defray reasonable expenses of administering retiree and beneficiary health and life insurance benefits.

(2)

Trust Fund assets may not revert to the county unless the county terminates the Employees Retirement System.

(Bill No. 70-06, § 1, 7-1-2006; Bill No. 36-08, § 1, 6-30-2008)

                    
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