Section 38.2734 – Assets as Irrevocable.
38.2734 Assets as irrevocable. Sec. 4. (1) Except as otherwise provided in this section and sections 8 and 17, assets contributed to the irrevocable trust are irrevocable and may not be refused, refunded, or returned to the employer or employee making the contribution. (2) To the extent permitted under state and federal law, voluntary contributions […]
Section 38.2735 – Assets; Use; Limitation.
38.2735 Assets; use; limitation. Sec. 5. The assets of the irrevocable trust are to be used solely to perform this essential function of state government. The trust shall only provide retirement health care benefits as provided under this act and pay fees and expenses for the administrative costs in carrying out this essential governmental function. […]
Section 38.2736 – Assets Not Subject to Certain Processes of Law.
38.2736 Assets not subject to certain processes of law. Sec. 6. The assets of the irrevocable trust and the ability of a member or past member of a retirement system to receive retirement health care benefits shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or other process of […]
Section 38.2737 – Assets; Diversion for Other Purposes Prohibited.
38.2737 Assets; diversion for other purposes prohibited. Sec. 7. The assets of the irrevocable trust shall be used exclusively for the benefit of past members and their funding account dependents and shall not be diverted for a purpose other than the payment of retirement health care benefits and the administrative costs of providing such benefits. […]
Section 38.2738 – Remaining Trust Assets; Dissolution; Distribution; Remaining Health Reimbursement Account Assets.
38.2738 Remaining trust assets; dissolution; distribution; remaining health reimbursement account assets. Sec. 8. (1) Any assets remaining in the funding account after all payments for eligible retirement health care benefits have been paid and all other liabilities of the trust have been satisfied shall be distributed to this state or other employers within the applicable […]
Section 38.2739 – Written Trust Agreement; Contents.
38.2739 Written trust agreement; contents. Sec. 9. The written trust agreement for each retirement system shall contain all of the following provisions consistent with this act: (a) Recitals describing the creation and purpose of the trust. (b) Language reflecting the requirements of sections 4 through 7. (c) Sections outlining the management and operation of the […]
Section 38.2740 – Retirement Health Care Benefits; Prefunding; Credit to Funding Account; Contribution or Credit to Health Reimbursement Account.
38.2740 Retirement health care benefits; prefunding; credit to funding account; contribution or credit to health reimbursement account. Sec. 10. (1) This state, an employer of a member within a retirement system, a member, or any other person may contribute amounts to a funding account within an applicable trust for the prefunding of retirement health care […]
Section 38.2740a – Health Reimbursement Account; Vesting; Rights.
38.2740a Health reimbursement account; vesting; rights. Sec. 10a. (1) A member or participating member is 100% vested in mandatory contributions and voluntary contributions made to his or her health reimbursement account, subject to permissible use of the contributions under this act. (2) A member or participating member is vested in employer contributions made to his […]
Section 38.2741 – Written Plan Document; Terms and Conditions of Payments of Retirement Health Care Benefits and Reimbursements of Medical Expenses.
38.2741 Written plan document; terms and conditions of payments of retirement health care benefits and reimbursements of medical expenses. Sec. 11. (1) The trustees shall establish a separately written plan document that governs the terms and conditions of payments of retirement health care benefits and reimbursements of medical expenses consistent with the applicable retirement act. […]
Section 38.2742 – Severability.
38.2742 Severability. Sec. 12. (1) If the department receives notification from the United States internal revenue service that this act or any portion of this act will cause any retirement system to be disqualified for tax purposes under the internal revenue code, or prevent any irrevocable trust from meeting the requirements of section 115 of […]