Towns and Cities

Councils and Governing Bodies

SECTION 45-5-20.2

§ 45-5-20.2. Power of city and town councils and regional school districts to jointly establish a corporation to manage and operate OPEB trusts.

(a) Notwithstanding the provisions of any general or special law to the contrary, corporations established pursuant to § 45-5-20.1 also shall have the power to manage and operate such other post-employment benefit (OPEB) trusts as are established pursuant to § 45-21-65 and § 16-2-9.5. Such corporations shall have the powers set forth in § 45-5-20.1, and shall have such additional powers as are necessary to effectuate the purposes of this section.

(b) For the purpose of OPEB trusts managed and operated pursuant to this section, the corporation shall maintain discrete sub-trust accounts for each of the participating entities setting forth the contributions made by each participating entity, the allocated income assigned to each participating entity as it may be derived from investments and other revenue sources, the funds distributed to each participating entity for use in meeting its OPEB obligations, each entity's allocated share of the administrative costs, including investment management fees, for operating the OPEB trust, and such other items as the directors of the corporation hereby established shall deem proper and necessary. Agreements made pursuant to this section may provide for pooling of administrative expenses, including investment management and advisory services, associated with the operation of the OPEB trust and sub-trusts.

(c) The corporation shall ensure that a separate audit of OPEB trusts and sub-trusts is performed annually, copies of which shall be provided to the participating entities of the OPEB trust and the auditor general.

History of Section.
(P.L. 2012, ch. 319, § 2; P.L. 2012, ch. 357, § 2; P.L. 2012, ch. 443, § 2.)