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

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

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

(d)  The fund may assist the State and thecounties to implement and administer cafeteria plans authorized under Title 26United 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 orall of the fund may be used as a reserve against or to pay the fund's futurecosts of providing health and other benefits plans established under sections87A-23 and 87A-37 and any other benefits plans the board establishes forretired employees and their beneficiaries.  The board may create separate fundswithin the fund for this purpose.  Each separate fund shall be subject to allof the provisions of this chapter. [L 2001, c 88, pt of §1; am L 2006, c 57, §4]

 

Note

 

  Part II of chapter 78 referredto in text is repealed.