2005 Minnesota Statutes - 144E.42 — Ambulance service personnel longevity award and incentive trust; trust account.

     144E.42 Ambulance service personnel longevity award and 
  incentive trust; trust account. 


    Subdivision 1.    Trust.  There is established an 
 ambulance service personnel longevity award and incentive trust. 


    Subd. 2.    Trust account.  (a) There is established in 
 the general fund an ambulance service personnel longevity award 
 and incentive trust account and an ambulance service personnel 
 longevity award and incentive suspense account.  


    (b) The trust account must be credited with:  


    (1) general fund appropriations for that purpose; 


    (2) transfers from the ambulance service personnel 
 longevity award and incentive suspense account; and 


    (3) investment earnings on those accumulated proceeds.  The 
 assets and income of the trust account must be held and managed 
 by the commissioner of finance and the State Board of Investment 
 for the benefit of the state of Minnesota and its general 
 creditors. 


    (c) The suspense account must be credited with transfers 
 from the excess police state-aid holding account established in 
 section 69.021, subdivision 11, any per-year-of-service 
 allocation under section 144E.45, subdivision 2, paragraph (c), 
 that was not made for an individual, and investment earnings on 
 those accumulated proceeds.  The suspense account must be 
 managed by the commissioner of finance and the State Board of 
 Investment.  From the suspense account to the trust account 
 there must be transferred to the ambulance service personnel 
 longevity award and incentive trust account, as the suspense 
 account balance permits, the following amounts: 


    (1) an amount equal to any general fund appropriation to 
 the ambulance service personnel longevity award and incentive 
 trust account for that fiscal year; and 


    (2) an amount equal to the percentage of the remaining 
 balance in the account after the deduction of the amount under 
 clause (1), as specified for the applicable fiscal year: 


           Fiscal year            Percentage  


             1995                    20  


             1996                    40 


             1997                    50 


             1998                    60 


             1999                    70 


             2000                    80 


             2001                    90 


             2002 and thereafter    100 


    Subd. 3.    Priority of claims.  The state of Minnesota 
 intends that this program, trust, and trust account not 
 constitute a separate fund for any legal purpose, including the 
 federal Internal Revenue Code, as amended, and the federal 
 Employee Retirement Income Security Act of 1974, as amended.  
 Qualified ambulance service personnel have only an unsecured 
 promise of the state of Minnesota to pay a longevity award upon 
 meeting entitlement requirements set forth in section 144E.46, 
 and qualified ambulance service personnel meeting those 
 entitlement requirements have the status of general unsecured 
 creditors with respect to an ambulance service personnel 
 longevity award, if and when awarded. 


    HIST: 1Sp1993 c 1 art 9 s 56; 1994 c 632 art 3 s 50; 1996 c 
 390 s 31; 1997 c 199 s 14