(a)  All money immediately required for the payment of OPEB Benefits shall be invested only in accordance with the written objectives and guidelines established by the state investment commission pursuant to the provisions of chapter 10 of Title 35 and other applicable law.

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Terms Used In Rhode Island General Laws 36-12.1-21

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

(b)  All money not immediately required for the payment of OPEB Benefits shall be invested in accordance with the provisions of chapter 10 of Title 35 and other applicable law and shall be held in a custodial or trust account in accordance with § 36-12.1-5. The trust and custodial account established under this section shall be maintained pursuant to written documents which expressly provide that it shall be impossible at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries for any part of the corpus or income to be used for or diverted to purposes other than the payment of OPEB Benefits to employees and their beneficiaries (except as otherwise permitted by § 36-12.1).

History of Section.
P.L. 2008, ch. 9, art. 4, § 3.