Idaho Code 59-1383 – Transfer of Assets, Liabilities, Duties, and Rights to State Employee System — Governing Board of City System Abolished
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Terms Used In Idaho Code 59-1383
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board: means the board provided for in sections 59-1304 and 59-1305, Idaho Code, to administer the retirement system. See Idaho Code 59-1302
- City system: means the Boise city employee’s retirement system and any policeman’s retirement system established and operated by virtue of any city ordinance, charter, or pursuant to the provisions of chapter 15, title 50, Idaho Code. See Idaho Code 59-1381
- Date of establishment: means July 1, 1965, or a later date established by the board or statute. See Idaho Code 59-1302
- Employee: means :
Idaho Code 59-1302Employee system: means the retirement system created by and existing through the provisions of chapter 13, title 59, Idaho Code. See Idaho Code 59-1381 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fund: means the public employee retirement fund established by this chapter. See Idaho Code 59-1302 Funding agent: means any bank or banks, trust company or trust companies, legal reserve life insurance company or legal reserve life insurance companies, or combinations thereof, any thrift institution or credit union or any investment management firm or individual investment manager selected by the board to hold and/or invest the employers’ and members’ contributions and to pay certain benefits granted under this chapter. See Idaho Code 59-1302 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Property: includes both real and personal property. See Idaho Code 73-114 State: means the state of Idaho. See Idaho Code 59-1302 system: means the public employee retirement system of Idaho. See Idaho Code 59-1302
On its date of establishment all of the funds, assets, liabilities, duties, obligations and rights of the governing board of the city system and of all city members being integrated into the employee system shall be transferred to the employee system. The governing board of such a city system is by this chapter abolished. On and after the date of establishment, benefits payable to annuitants and beneficiaries of such a city system shall become the obligation of the employee system and shall be paid in the same amount as established by such a city system, except that on and after the date of establishment future monthly benefits shall be subject to the provisions of section 59-1356 [59-1355], Idaho Code. The funds of such a city system are by this chapter abolished. The custodian of the fund of such a city system shall transfer all cash on hand in such fund to the state treasurer for deposit in the clearing account of the employee system, and all evidence of indebtedness arising from invested money of said fund to the funding agent as designated by the board. The money and property of such funds shall become the money and property of the employee system.