§ 15.2-1544. Counties, cities, towns, school divisions, and certain politicalsubdivisions may establish local trusts or equivalent arrangements to fundpostemployment benefits other than pensions.
The governing body of any county, city, or town may establish a trust,trusts, or equivalent arrangements for the purpose of accumulating andinvesting assets to fund postemployment benefits other than pensions, asdefined herein. Deposits to any such trust, trusts, or equivalentarrangements and any earnings on those deposits shall be irrevocable; shallbe dedicated to providing benefits to retirees and their beneficiaries inaccordance with the terms of the plans or programs providing postemploymentbenefits other than pensions; and shall be exempt from taxation andexecution, attachment, garnishment, or any other process. For the purposes ofthis article, an equivalent arrangement shall mean any fund or similararrangement established by the governing body pursuant to this article underwhich funds are irrevocably allocated, segregated, or otherwise dedicated toproviding postemployment benefits other than pension benefits to retirees andtheir beneficiaries. The governing body of any such county, city, or townalso may make appropriations to any such trust, trusts, or equivalentarrangements, and any such governing body may require active and formeremployees covered by a postemployment benefit plan or program to contributeto such a trust or equivalent arrangement through payments or deductions fromtheir wages, salaries, or pensions. Officers and employees who are subject toinclusion in the retirement plans described in § 51.1-800 also may beincluded in any such trust, trusts, or equivalent arrangements by thegoverning body.
The governing body also may authorize the governing body of any otherpolitical subdivision that is appointed in whole or in part by the governingbody of such county, city, or town, to establish and fund a trust, trusts, orequivalent arrangements for its active and former employees. Any appointed orelected school board may establish and fund such a trust, trusts, orequivalent arrangements for its active and former employees. The governingbody of any county, city, or town also may enter into agreements with theappointed or elected school board that provides public schools within itsboundaries or with any other political subdivision, which is appointed inwhole or in part by the governing body of any such county, city, or town, topermit any such school board or such other political subdivision toparticipate in any trust, trusts, or equivalent arrangements established bythe governing body of any such county, city, or town.
The governing body of any such county, city, or town, the school board of thelocal school divisions, and the governing body of any other politicalsubdivision that establishes or participates in any such trust, trusts, orequivalent arrangements, shall have the right to revise or discontinue itsplans or programs providing such postemployment benefits other than pensionsfor its active and former officers and employees as it may deem necessary ortransfer any assets held in any trust or equivalent arrangement establishedpursuant to this article to any other trust, trusts, or equivalentarrangement established pursuant to this article; provided, however, anyamendment, suspension, or revocation of any plans or programs providing suchpostemployment benefits other than pensions or transfer of assets held in atrust or equivalent arrangement shall not have the effect of diverting theassets of any trust, trusts, or equivalent arrangements to purposes otherthan the exclusive benefit of the active or former employees or theirdependents or beneficiaries entitled to such postemployment benefit. If allplans or programs providing such postemployment benefits other than pensionsfor which a trust or equivalent arrangement is established are repealed orterminated by the governing body that created such trust, trusts orequivalent arrangements, then there shall be no continuing responsibility forthat governing body to continue to make appropriations to such trust, trustsor equivalent arrangements, and the assets of any such trust, trusts orequivalent arrangements shall be used to provide any benefits continuing tobe due to active or former employees (and their dependents or beneficiaries)under such plans or programs. If there are no active or former employees (ordependents or beneficiaries) due a benefit under any plan or programproviding such postemployment benefits other than pensions for which thetrust or equivalent arrangement was established, then any remaining assetsmay revert to the locality.
§ 15.2-1544. Counties, cities, towns, school divisions, and certain politicalsubdivisions may establish local trusts or equivalent arrangements to fundpostemployment benefits other than pensions.
The governing body of any county, city, or town may establish a trust,trusts, or equivalent arrangements for the purpose of accumulating andinvesting assets to fund postemployment benefits other than pensions, asdefined herein. Deposits to any such trust, trusts, or equivalentarrangements and any earnings on those deposits shall be irrevocable; shallbe dedicated to providing benefits to retirees and their beneficiaries inaccordance with the terms of the plans or programs providing postemploymentbenefits other than pensions; and shall be exempt from taxation andexecution, attachment, garnishment, or any other process. For the purposes ofthis article, an equivalent arrangement shall mean any fund or similararrangement established by the governing body pursuant to this article underwhich funds are irrevocably allocated, segregated, or otherwise dedicated toproviding postemployment benefits other than pension benefits to retirees andtheir beneficiaries. The governing body of any such county, city, or townalso may make appropriations to any such trust, trusts, or equivalentarrangements, and any such governing body may require active and formeremployees covered by a postemployment benefit plan or program to contributeto such a trust or equivalent arrangement through payments or deductions fromtheir wages, salaries, or pensions. Officers and employees who are subject toinclusion in the retirement plans described in § 51.1-800 also may beincluded in any such trust, trusts, or equivalent arrangements by thegoverning body.
The governing body also may authorize the governing body of any otherpolitical subdivision that is appointed in whole or in part by the governingbody of such county, city, or town, to establish and fund a trust, trusts, orequivalent arrangements for its active and former employees. Any appointed orelected school board may establish and fund such a trust, trusts, orequivalent arrangements for its active and former employees. The governingbody of any county, city, or town also may enter into agreements with theappointed or elected school board that provides public schools within itsboundaries or with any other political subdivision, which is appointed inwhole or in part by the governing body of any such county, city, or town, topermit any such school board or such other political subdivision toparticipate in any trust, trusts, or equivalent arrangements established bythe governing body of any such county, city, or town.
The governing body of any such county, city, or town, the school board of thelocal school divisions, and the governing body of any other politicalsubdivision that establishes or participates in any such trust, trusts, orequivalent arrangements, shall have the right to revise or discontinue itsplans or programs providing such postemployment benefits other than pensionsfor its active and former officers and employees as it may deem necessary ortransfer any assets held in any trust or equivalent arrangement establishedpursuant to this article to any other trust, trusts, or equivalentarrangement established pursuant to this article; provided, however, anyamendment, suspension, or revocation of any plans or programs providing suchpostemployment benefits other than pensions or transfer of assets held in atrust or equivalent arrangement shall not have the effect of diverting theassets of any trust, trusts, or equivalent arrangements to purposes otherthan the exclusive benefit of the active or former employees or theirdependents or beneficiaries entitled to such postemployment benefit. If allplans or programs providing such postemployment benefits other than pensionsfor which a trust or equivalent arrangement is established are repealed orterminated by the governing body that created such trust, trusts orequivalent arrangements, then there shall be no continuing responsibility forthat governing body to continue to make appropriations to such trust, trustsor equivalent arrangements, and the assets of any such trust, trusts orequivalent arrangements shall be used to provide any benefits continuing tobe due to active or former employees (and their dependents or beneficiaries)under such plans or programs. If there are no active or former employees (ordependents or beneficiaries) due a benefit under any plan or programproviding such postemployment benefits other than pensions for which thetrust or equivalent arrangement was established, then any remaining assetsmay revert to the locality.
§ 15.2-1544. Counties, cities, towns, school divisions, and certain politicalsubdivisions may establish local trusts or equivalent arrangements to fundpostemployment benefits other than pensions.
The governing body of any county, city, or town may establish a trust,trusts, or equivalent arrangements for the purpose of accumulating andinvesting assets to fund postemployment benefits other than pensions, asdefined herein. Deposits to any such trust, trusts, or equivalentarrangements and any earnings on those deposits shall be irrevocable; shallbe dedicated to providing benefits to retirees and their beneficiaries inaccordance with the terms of the plans or programs providing postemploymentbenefits other than pensions; and shall be exempt from taxation andexecution, attachment, garnishment, or any other process. For the purposes ofthis article, an equivalent arrangement shall mean any fund or similararrangement established by the governing body pursuant to this article underwhich funds are irrevocably allocated, segregated, or otherwise dedicated toproviding postemployment benefits other than pension benefits to retirees andtheir beneficiaries. The governing body of any such county, city, or townalso may make appropriations to any such trust, trusts, or equivalentarrangements, and any such governing body may require active and formeremployees covered by a postemployment benefit plan or program to contributeto such a trust or equivalent arrangement through payments or deductions fromtheir wages, salaries, or pensions. Officers and employees who are subject toinclusion in the retirement plans described in § 51.1-800 also may beincluded in any such trust, trusts, or equivalent arrangements by thegoverning body.
The governing body also may authorize the governing body of any otherpolitical subdivision that is appointed in whole or in part by the governingbody of such county, city, or town, to establish and fund a trust, trusts, orequivalent arrangements for its active and former employees. Any appointed orelected school board may establish and fund such a trust, trusts, orequivalent arrangements for its active and former employees. The governingbody of any county, city, or town also may enter into agreements with theappointed or elected school board that provides public schools within itsboundaries or with any other political subdivision, which is appointed inwhole or in part by the governing body of any such county, city, or town, topermit any such school board or such other political subdivision toparticipate in any trust, trusts, or equivalent arrangements established bythe governing body of any such county, city, or town.
The governing body of any such county, city, or town, the school board of thelocal school divisions, and the governing body of any other politicalsubdivision that establishes or participates in any such trust, trusts, orequivalent arrangements, shall have the right to revise or discontinue itsplans or programs providing such postemployment benefits other than pensionsfor its active and former officers and employees as it may deem necessary ortransfer any assets held in any trust or equivalent arrangement establishedpursuant to this article to any other trust, trusts, or equivalentarrangement established pursuant to this article; provided, however, anyamendment, suspension, or revocation of any plans or programs providing suchpostemployment benefits other than pensions or transfer of assets held in atrust or equivalent arrangement shall not have the effect of diverting theassets of any trust, trusts, or equivalent arrangements to purposes otherthan the exclusive benefit of the active or former employees or theirdependents or beneficiaries entitled to such postemployment benefit. If allplans or programs providing such postemployment benefits other than pensionsfor which a trust or equivalent arrangement is established are repealed orterminated by the governing body that created such trust, trusts orequivalent arrangements, then there shall be no continuing responsibility forthat governing body to continue to make appropriations to such trust, trustsor equivalent arrangements, and the assets of any such trust, trusts orequivalent arrangements shall be used to provide any benefits continuing tobe due to active or former employees (and their dependents or beneficiaries)under such plans or programs. If there are no active or former employees (ordependents or beneficiaries) due a benefit under any plan or programproviding such postemployment benefits other than pensions for which thetrust or equivalent arrangement was established, then any remaining assetsmay revert to the locality.
