§ 8-50-1202. Part Definitions
As used in this part, unless the context otherwise requires: “Other post-employment benefits” or “post-employment benefits” means nonpension benefits paid on behalf of former employees or the former employees’ beneficiaries after separation from service. The benefits may include, but shall not be limited to, medical, prescription drugs, dental, vision, hearing, medicare part B or part […]
§ 8-50-1203. Establishment of Trust
A political subdivision may, by resolution legally adopted and approved by its chief governing body, establish an investment trust for the purpose of pre-funding other post-employment benefits accrued by employees of the political subdivision, to be paid as they come due in accordance with the arrangements between the employers, the plan members and their beneficiaries. […]
§ 8-50-1204. Trust Conditions
Any trust created under this part shall be irrevocable, and the assets thereof shall be preserved, invested and expended solely pursuant to and for the purposes of this part and shall not be loaned or otherwise transferred or used for any other purpose. The assets of the trust shall be expended solely to: Make payments […]
§ 8-50-1205. Powers and Duties
In addition to the powers granted by any other provisions of this part, the chief governing body of a political subdivision that establishes an investment trust under this part shall have the powers necessary or convenient to carry out the purposes and provisions of this part and the purposes and objectives of the investment trust, […]
§ 8-50-1206. Audit
The annual report, including financial statements, all books, accounts and financial records of any trust created under this part shall be subject to audit by the comptroller of the treasury. Any political subdivision maintaining a trust under this part may, with the prior approval of the comptroller of the treasury, engage licensed independent public accountants […]
§ 8-50-1207. Scope of Part
Nothing in this part shall be construed to define or otherwise grant any rights or privileges to other post-employment benefits. The rights and privileges, if any, shall be governed by the terms of the political subdivisions’ respective post-employment benefit plans.
§ 8-50-1105. Compensation
A public employee granted leave pursuant to this part may be paid at the discretion of the employer.
§ 8-50-1106. Extension of Employment
This part shall not be construed to authorize or require extension of any employment beyond the time at which it would otherwise terminate by operation of law, rule or regulation.
§ 8-50-1201. Short Title
This part shall be known and may be cited as the “Other Post-Employment Benefit Investment Trust Act of 2006.”
§ 8-50-907. Criteria and Procedure for Distribution
The sick leave bank trustees shall establish the criteria for distributing sick leave from the bank, hear appeals of denials of request for sick leave, and prescribe the form and manner of participation in the bank. All actions of the trustees require four (4) affirmative votes. The appropriate division of the department of human resources […]