2005 Vermont Code - § 479a. — State employees\' postemployment benefits pension trust fund

§ 479a. State employees' postemployment benefits pension trust fund

(a) An irrevocable "state employees' postemployment benefits pension trust fund" is hereby created for the purpose of accumulating and providing reserves to fund retiree postemployment benefits for members of the Vermont state employees' retirement system, excluding pensions and benefits otherwise appropriated by statute.

(b) Into the fund shall be deposited:

(1) All funds remitted to the state as a subsidy on behalf of the members of the Vermont state employees' retirement system for employer-sponsored qualified prescription drug plans pursuant to the Medicare Prescription Drug Improvement and Modernization Act of 2003.

(2) Any appropriations by the general assembly to fund retiree postemployment benefits for members of the Vermont state employees' retirement system.

(c) The pension trust fund shall be administered by the state treasurer. The treasurer may invest monies in the fund in accordance with the provisions of section 434 of Title 32. All balances in the fund at the end of the fiscal year shall be carried forward. Interest earned shall remain in the fund. The treasurer's annual financial report to the governor and the general assembly shall contain an accounting of receipts, disbursements and earnings of the fund. (Added 2005, No. 215 (Adj. Sess.), § 278.)