Louisiana Revised Statutes 33:5161 – Post-employment benefits funds; political subdivisions
Terms Used In Louisiana Revised Statutes 33:5161
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trustee: A person or institution holding and administering property in trust.
A.(1) Notwithstanding any other provision of law to the contrary, a political subdivision may establish, by ordinance or resolution, post-employment benefits funds.
(2) For purposes of this Chapter, “post-employment benefits” shall mean health care, life insurance, or any other benefit, not including pension benefits, provided by the political subdivision to a person who is no longer employed by such political subdivision.
(3) Any such fund shall be established for the purpose of paying the employer’s share of post-employment benefits of employees, all as prescribed by the ordinance or resolution creating the fund.
(4) Any such fund also may be for the purpose of paying the employer’s share of post-employment benefits of employees of political subdivisions created by, or for which taxes are levied by, the political subdivision creating the fund.
(5) The political subdivision may receive and deposit in the fund any monies which may be lawfully used for the purpose of the fund.
B.(1) A political subdivision is hereby authorized to establish, by ordinance or resolution, one or more trusts or to participate in a multiemployer trust to hold and invest the assets of post-employment benefits funds.
(2)(a) A political subdivision is further authorized to provide for the management and investment of any such fund or trust, including the establishment of a board or commission or the designation of an existing board or commission for such purposes.
(b) The ordinance or resolution establishing a fund or trust shall provide for the organization of and the manner of election or appointment of the members of such board or commission.
(c) Any political subdivision that establishes one or more post-employment benefit trusts shall develop and adopt an investment policy that details and clarifies investment objectives and the procedures and constraints necessary to reach the objectives of such trusts, in accordance with the provisions of La. Rev. Stat. 33:5162.
(3) Any trustee serving pursuant to the provisions of this Section shall be subject to the provisions of Subpart E of Part II of the Louisiana Trust Code.
C. Any post-employment benefits fund or trust established by a political subdivision prior to August 15, 2007, shall remain in effect and shall be amended, modified, or repealed as provided in the ordinance or resolution establishing such fund or trust and any other applicable law.
Acts 2007, No. 202, §1; Acts 2008, No. 87, §1.