§87A-31  Trust fund; purpose.  (a)  The
fund shall be used to provide employee-beneficiaries and
dependent-beneficiaries with health and other benefit plans, and to pay
administrative and other expenses of the fund.  All assets of the fund are and
shall be dedicated to providing health and other benefits plans to the
employee-beneficiaries and dependent-beneficiaries in accordance with the terms
of those plans and to pay administrative and other expenses of the fund, and
shall be used for no other purposes except for those set forth in this section.



(b)  The fund, including any earnings on
investments, and rate credits or reimbursements from any carrier or
self-insured plan and any earning or interest derived therefrom, may be used to
stabilize health and other benefit plan rates; provided that the approval of
the governor and the legislature shall be necessary to fund administrative and
other expenses necessary to effectuate these purposes.



(c)  The fund may be used to provide group life
insurance benefits to employees to the extent that contributions are provided
for group life insurance benefits in sections 87A-32 and 87A-37.



(d)  The fund may assist the State and the
counties to implement and administer cafeteria plans authorized under Title 26
United States Code section 125, the Internal Revenue Code of 1986, as amended,
and part II of chapter 78.



(e)  At the discretion of the board, some or
all of the fund may be used as a reserve against or to pay the fund's future
costs of providing health and other benefits plans established under sections
87A-23 and 87A-37 and any other benefits plans the board establishes for
retired employees and their beneficiaries.  The board may create separate funds
within the fund for this purpose.  Each separate fund shall be subject to all
of the provisions of this chapter. [L 2001, c 88, pt of §1; am L 2006, c 57, §4]



 



Note



 



  Part II of chapter 78 referred
to in text is repealed.