[§87A-42]  Other post-employment benefits trust.  Notwithstanding sections 87A-31 and 87A-31.5, the board, upon terms and conditions set by the board, may establish and administer a separate trust fund for the purpose of receiving employer contributions that will prefund other post-employment health and other benefit plan costs for retirees and their beneficiaries.  If a fund is established, it shall meet the requirements of the Government Accounting Standards Board regarding other post-employment benefits trusts.  Employer contributions to the separate trust fund shall be irrevocable, all assets of the fund shall be dedicated exclusively to providing health and other benefits to retirees and their beneficiaries, and assets of the fund shall not be subject to appropriation for any other purpose and shall not be subject to claims by creditors of the employers or the board or plan administrator.  The board's powers under section 87A-24 shall also apply to any fund established pursuant to this section. [L 2012, c 304, §1]

 

Note

 

  Authorization to create fund requires Government Accounting Standards Board requirements.  L 2012, c 304, §2.