Maine Revised Statutes Title 5 Sec. 17432 – Establishment
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1. Investment trust fund established. The Retiree Health Insurance Post-employment Benefits Investment Trust Fund is established as an irrevocable trust for the sole purpose of holding and investing funds appropriated or otherwise provided to the investment trust fund for the benefit of the Irrevocable Trust Fund for Other Post-employment Benefits established in section 286-B with respect to the State’s liabilities for retiree health benefits. The purpose of accumulating assets in this investment trust fund is to provide funding of the State’s unfunded liability obligations for retiree health benefits. The Legislature has no authority or power to divert any of the assets of the investment trust fund to use for any other purpose.
[PL 2007, c. 240, Pt. RRR, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17432
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assets of the investment trust fund: means the funds appropriated or otherwise provided to fund the investment trust fund, together with the interest, earnings and returns on the funds. See Maine Revised Statutes Title 5 Sec. 17431
- Benefit: means any payment made, or required to be made, to a beneficiary under chapter 423, subchapter V or chapter 425, subchapter V. See Maine Revised Statutes Title 5 Sec. 17001
- Board: means the board of trustees, established under section 12004?F, subsection 9, to administer the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
- Investment trust fund: means the Retiree Health Insurance Post-employment Benefits Investment Trust Fund established in section 17432. See Maine Revised Statutes Title 5 Sec. 17431
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001
- System: means the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17431
2. Date of establishment. The date of establishment of the investment trust fund is July 1, 2007.
[PL 2007, c. 240, Pt. RRR, §2 (NEW).]
3. Trustees. The trustees of the investment trust fund are the members of the Board of Trustees of the Maine Public Employees Retirement System.
[PL 2007, c. 58, §3 (REV); PL 2007, c. 240, Pt. RRR, §2 (NEW).]
SECTION HISTORY
PL 2007, c. 58, §3 (REV). PL 2007, c. 240, Pt. RRR, §2 (NEW).