GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2007

S                                                                                                                                                    D

SENATE DRS65101-LR-23  (01/30)

Short Title:     State Treasurer/Local OPEB Investments.		(Public)
Sponsors:	Senator Clodfelter.
Referred to:

A BILL TO BE ENTITLED

AN ACT allowing the state treasurer to invest, on behalf of local governments, in equities funds set aside for other post-employment benefits.

The General Assembly of North Carolina enacts:

SECTION 1.  Article 6 of Chapter 147 of the General Statutes is amended by adding a new section to read:

"§ 147‑69.4.  Local Government Other Post-Employment Benefits Fund established; investments on behalf of local governments.

(a) The Local Government Other Post-Employment Benefits Fund (Local OPEB Fund) is established as a trust fund in the Office of the State Treasurer for investments on behalf of participating local governments. Contributions to the fund shall be irrevocable. The accumulated contributions and any earnings shall be used to provide other post-employment benefits to former employees of participating local governments and beneficiaries of former employees who are entitled to other employment benefits.

(b) The assets of the Local OPEB Fund are dedicated to providing other post-employment benefits to former employees of participating local governments and beneficiaries of former employees who are entitled to other employment benefits and are not subject to the claims of creditors of the employers making contributions to the Local OPEB Fund."

SECTION 2.  This act is effective when it becomes law.