{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2203.4.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2203.4.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2203.4.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2203.4.html"}],"law_id":57677,"edition_id":1,"section_id":57677,"structure_id":13821,"section_number":"2.2-2203.4","catch_line":"Trust for postemployment benefits authorized; administration","history":"2012, cc. 779, 817.","full_text":"A\n\nThe Authority is hereby authorized to establish and maintain a trust or equivalent arrangement for the purpose of accumulating and investing assets to fund postemployment benefits other than pensions, as defined herein. Such trust or equivalent arrangement shall be irrevocable. The assets of such trust or similar arrangement (i) shall be dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan or programs providing postemployment benefits other than pensions and (ii) shall be exempt from taxation and execution, attachment, garnishment, or any other process against the Authority or a retiree or beneficiary. The funds of the trust or similar arrangement shall be deemed separate and independent trust funds, shall be segregated from all other funds of the Authority, and shall be invested and administered solely in the interests of the active or former employees (and their dependents or beneficiaries) entitled to postemployment benefits other than pensions.B\n\nThe Authority may make appropriations to any such trust or equivalent arrangement, and the Authority may require active and former employees covered by a postemployment benefit program to contribute to the trust or equivalent arrangement through payments or deductions from their wages, salaries, or pensions.C\n\nNothing in this section shall be construed to inhibit the Authority&#8217;s right to revise or discontinue its plans or programs providing such postemployment benefits other than pensions for its active and former officers and employees as it may deem necessary. If all plans or programs providing such postemployment benefits other than pensions for which the trust or equivalent arrangement is established are repealed or terminated by the Authority, then there shall be no continuing responsibility of the Authority to continue to make appropriations to such trust or equivalent arrangement, and the assets of such trust or equivalent arrangement shall be used to provide any benefits continuing to be due to active or former employees (and their dependents or beneficiaries) under such plans or programs. If there are no active or former employees (or dependents or beneficiaries) due a benefit under any plan or program providing such postemployment benefits other than pensions for which the trust or equivalent arrangement was established, then any remaining assets may revert to the Authority.D\n\nPostemployment benefits other than pensions shall be defined by the Authority pursuant to applicable accounting standards and law. Such benefits may include, but are not limited to, medical, prescription drug, dental, vision, hearing, life, or accident insurance (not provided through a pension plan), long-term care benefits, and long-term disability benefits (not covered under a pension plan) provided to individuals who have terminated their service and to the dependents of such individuals, and may be provided by purchasing insurance, by a program of self-insurance, or by a combination of both. However, postemployment benefits other than pensions shall not include defined benefit pension plans for retirees and eligible dependents of retirees, termination benefits, or other pension benefits. Such postemployment benefits other than pensions may be provided to the officers and employees or to their dependents, estates, or designated beneficiaries. Any benefits arising from any postemployment benefits other than pension programs shall be clearly defined and strictly construed.E\n\nNotwithstanding any other provision of law, the moneys and other property comprising the trust or equivalent arrangement established hereunder shall be invested, reinvested, and managed by the Authority or the trust company or bank having powers of a trust company within or without the Commonwealth that is selected by the Board to act as a trustee for the trust or equivalent arrangement with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with the same aims. Such investments shall be diversified so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. Such investments shall not be limited by Chapter 45 (&#xA7; 2.2-4500 et seq.).","order_by":null,"text":{"0":{"id":211306,"text":"The Authority is hereby authorized to establish and maintain a trust or equivalent arrangement for the purpose of accumulating and investing assets to fund postemployment benefits other than pensions, as defined herein. Such trust or equivalent arrangement shall be irrevocable. The assets of such trust or similar arrangement (i) shall be dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan or programs providing postemployment benefits other than pensions and (ii) shall be exempt from taxation and execution, attachment, garnishment, or any other process against the Authority or a retiree or beneficiary. The funds of the trust or similar arrangement shall be deemed separate and independent trust funds, shall be segregated from all other funds of the Authority, and shall be invested and administered solely in the interests of the active or former employees (and their dependents or beneficiaries) entitled to postemployment benefits other than pensions.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":211307,"text":"The Authority may make appropriations to any such trust or equivalent arrangement, and the Authority may require active and former employees covered by a postemployment benefit program to contribute to the trust or equivalent arrangement through payments or deductions from their wages, salaries, or pensions.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":211308,"text":"Nothing in this section shall be construed to inhibit the Authority&#8217;s right to revise or discontinue its plans or programs providing such postemployment benefits other than pensions for its active and former officers and employees as it may deem necessary. If all plans or programs providing such postemployment benefits other than pensions for which the trust or equivalent arrangement is established are repealed or terminated by the Authority, then there shall be no continuing responsibility of the Authority to continue to make appropriations to such trust or equivalent arrangement, and the assets of such trust or equivalent arrangement shall be used to provide any benefits continuing to be due to active or former employees (and their dependents or beneficiaries) under such plans or programs. If there are no active or former employees (or dependents or beneficiaries) due a benefit under any plan or program providing such postemployment benefits other than pensions for which the trust or equivalent arrangement was established, then any remaining assets may revert to the Authority.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":211309,"text":"Postemployment benefits other than pensions shall be defined by the Authority pursuant to applicable accounting standards and law. Such benefits may include, but are not limited to, medical, prescription drug, dental, vision, hearing, life, or accident insurance (not provided through a pension plan), long-term care benefits, and long-term disability benefits (not covered under a pension plan) provided to individuals who have terminated their service and to the dependents of such individuals, and may be provided by purchasing insurance, by a program of self-insurance, or by a combination of both. However, postemployment benefits other than pensions shall not include defined benefit pension plans for retirees and eligible dependents of retirees, termination benefits, or other pension benefits. Such postemployment benefits other than pensions may be provided to the officers and employees or to their dependents, estates, or designated beneficiaries. Any benefits arising from any postemployment benefits other than pension programs shall be clearly defined and strictly construed.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":211310,"text":"Notwithstanding any other provision of law, the moneys and other property comprising the trust or equivalent arrangement established hereunder shall be invested, reinvested, and managed by the Authority or the trust company or bank having powers of a trust company within or without the Commonwealth that is selected by the Board to act as a trustee for the trust or equivalent arrangement with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with the same aims. Such investments shall be diversified so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. Such investments shall not be limited by Chapter 45 (&#xA7; 2.2-4500 et seq.).","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13821,"edition_id":1,"name":"Commercial Space Flight Authority","identifier":"2","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:45:59","date_modified":"2026-06-26 03:45:59","permalink":{"id":174147,"object_type":"structure","relational_id":13821,"identifier":"2","token":"2.2\/I\/D\/22\/2","url":"\/2.2\/I\/D\/22\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":76603,"structure_id":13821,"section_number":"2.2-2201","catch_line":"Short title; definitions","url":"\/2.2-2201\/","token":"2.2\/I\/D\/22\/2\/2.2-2201","metadata":false},{"id":86402,"structure_id":13821,"section_number":"2.2-2202","catch_line":"Declaration of public purpose; Virginia Commercial Space Flight Authority created","url":"\/2.2-2202\/","token":"2.2\/I\/D\/22\/2\/2.2-2202","metadata":false},{"id":79427,"structure_id":13821,"section_number":"2.2-2203","catch_line":"Board of directors; members and officers; Executive Director","url":"\/2.2-2203\/","token":"2.2\/I\/D\/22\/2\/2.2-2203","metadata":false},{"id":65039,"structure_id":13821,"section_number":"2.2-2203.1","catch_line":"Repealed","url":"\/2.2-2203.1\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.1","metadata":false},{"id":65668,"structure_id":13821,"section_number":"2.2-2203.2","catch_line":"Strategic plan","url":"\/2.2-2203.2\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.2","metadata":false},{"id":71900,"structure_id":13821,"section_number":"2.2-2203.3","catch_line":"Employees; employment; personnel rules","url":"\/2.2-2203.3\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.3","metadata":false},{"id":57677,"structure_id":13821,"section_number":"2.2-2203.4","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/2.2-2203.4\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.4","metadata":false},{"id":57668,"structure_id":13821,"section_number":"2.2-2204","catch_line":"Powers of the Authority","url":"\/2.2-2204\/","token":"2.2\/I\/D\/22\/2\/2.2-2204","metadata":false},{"id":69352,"structure_id":13821,"section_number":"2.2-2205","catch_line":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","url":"\/2.2-2205\/","token":"2.2\/I\/D\/22\/2\/2.2-2205","metadata":false},{"id":65786,"structure_id":13821,"section_number":"2.2-2206","catch_line":"Trust indenture or agreement securing bonds","url":"\/2.2-2206\/","token":"2.2\/I\/D\/22\/2\/2.2-2206","metadata":false},{"id":85436,"structure_id":13821,"section_number":"2.2-2207","catch_line":"Moneys received deemed trust funds","url":"\/2.2-2207\/","token":"2.2\/I\/D\/22\/2\/2.2-2207","metadata":false},{"id":75999,"structure_id":13821,"section_number":"2.2-2208","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/2.2-2208\/","token":"2.2\/I\/D\/22\/2\/2.2-2208","metadata":false},{"id":64504,"structure_id":13821,"section_number":"2.2-2209","catch_line":"Bonds made securities for investment and deposit","url":"\/2.2-2209\/","token":"2.2\/I\/D\/22\/2\/2.2-2209","metadata":false},{"id":57238,"structure_id":13821,"section_number":"2.2-2210","catch_line":"Refunding bonds; bonds for refunding and for costs of additional projects","url":"\/2.2-2210\/","token":"2.2\/I\/D\/22\/2\/2.2-2210","metadata":false},{"id":78751,"structure_id":13821,"section_number":"2.2-2211","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2211\/","token":"2.2\/I\/D\/22\/2\/2.2-2211","metadata":false},{"id":82421,"structure_id":13821,"section_number":"2.2-2212","catch_line":"Moneys of Authority","url":"\/2.2-2212\/","token":"2.2\/I\/D\/22\/2\/2.2-2212","metadata":false},{"id":63805,"structure_id":13821,"section_number":"2.2-2213","catch_line":"Forms of accounts and records; audit; annual report","url":"\/2.2-2213\/","token":"2.2\/I\/D\/22\/2\/2.2-2213","metadata":false},{"id":54835,"structure_id":13821,"section_number":"2.2-2214","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2214\/","token":"2.2\/I\/D\/22\/2\/2.2-2214","metadata":false},{"id":68835,"structure_id":13821,"section_number":"2.2-2215","catch_line":"Powers not restrictive; exemptions from Public Procurement Act and the Virginia Personnel Act","url":"\/2.2-2215\/","token":"2.2\/I\/D\/22\/2\/2.2-2215","metadata":false},{"id":80275,"structure_id":13821,"section_number":"2.2-2216","catch_line":"Appropriations by any government","url":"\/2.2-2216\/","token":"2.2\/I\/D\/22\/2\/2.2-2216","metadata":false},{"id":64038,"structure_id":13821,"section_number":"2.2-2217","catch_line":"Conveyance, lease or transfer of property by a city or county to the Authority","url":"\/2.2-2217\/","token":"2.2\/I\/D\/22\/2\/2.2-2217","metadata":false}],"previous_section":{"id":71900,"structure_id":13821,"section_number":"2.2-2203.3","catch_line":"Employees; employment; personnel rules","url":"\/2.2-2203.3\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.3","metadata":false},"next_section":{"id":57668,"structure_id":13821,"section_number":"2.2-2204","catch_line":"Powers of the Authority","url":"\/2.2-2204\/","token":"2.2\/I\/D\/22\/2\/2.2-2204","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2203.4\/","history_text":"<p>This law was first created in 2012. The record of its establishment is cataloged in chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?121+ful+CHAP0779\">779<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?121+ful+CHAP0817\">817<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":65575,"section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","order_by":null,"url":"\/2.2-4500\/"}],"permalink":{"id":174173,"object_type":"law","relational_id":57677,"identifier":"2.2-2203.4","token":"2.2\/I\/D\/22\/2\/2.2-2203.4","url":"\/2.2-2203.4\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2203.4\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.4","dublin_core":{"Title":"Trust for postemployment benefits authorized; administration","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2203.4","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> The <span class=\"dictionary\">Authority<\/span> is hereby authorized to establish and maintain a trust or equivalent arrangement for the purpose of accumulating and investing <span class=\"dictionary\">assets<\/span> to fund postemployment benefits other than pensions, as defined herein. Such trust or equivalent arrangement shall be irrevocable. The <span class=\"dictionary\">assets<\/span> of such trust or similar arrangement (i) shall be dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan or programs providing postemployment benefits other than pensions and (ii) shall be exempt from taxation and execution, <span class=\"dictionary\">attachment<\/span>, <span class=\"dictionary\">garnishment<\/span>, or any other process against the <span class=\"dictionary\">Authority<\/span> or a retiree or beneficiary. The funds of the trust or similar arrangement shall be deemed separate and independent trust funds, shall be segregated from all other funds of the <span class=\"dictionary\">Authority<\/span>, and shall be invested and administered solely in the interests of the active or former employees (and their dependents or beneficiaries) entitled to postemployment benefits other than pensions. <a id=\"paragraph-211306\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2203.4\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> The <span class=\"dictionary\">Authority<\/span> may make appropriations to any such trust or equivalent arrangement, and the <span class=\"dictionary\">Authority<\/span> may require active and former employees covered by a postemployment benefit program to contribute to the trust or equivalent arrangement through payments or deductions from their wages, salaries, or pensions. <a id=\"paragraph-211307\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2203.4\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> Nothing in this section shall be construed to inhibit the <span class=\"dictionary\">Authority<\/span>&#8217;s right to revise or discontinue its plans or programs providing such postemployment benefits other than pensions for its active and former officers and employees as it may deem necessary. If all plans or programs providing such postemployment benefits other than pensions for which the trust or equivalent arrangement is established are repealed or terminated by the <span class=\"dictionary\">Authority<\/span>, then there shall be no continuing responsibility of the <span class=\"dictionary\">Authority<\/span> to continue to make appropriations to such trust or equivalent arrangement, and the <span class=\"dictionary\">assets<\/span> of such trust or equivalent arrangement shall be used to provide any benefits continuing to be due to active or former employees (and their dependents or beneficiaries) under such plans or programs. If there are no active or former employees (or dependents or beneficiaries) due a benefit under any plan or program providing such postemployment benefits other than pensions for which the trust or equivalent arrangement was established, then any remaining <span class=\"dictionary\">assets<\/span> may revert to the <span class=\"dictionary\">Authority<\/span>. <a id=\"paragraph-211308\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2203.4\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> Postemployment benefits other than pensions shall be defined by the <span class=\"dictionary\">Authority<\/span> pursuant to applicable accounting standards and <span class=\"dictionary\">law<\/span>. Such benefits may include, but are not limited to, medical, prescription drug, dental, vision, <span class=\"dictionary\">hearing<\/span>, life, or accident insurance (not provided through a pension plan), long-term care benefits, and long-term disability benefits (not covered under a pension plan) provided to individuals who have terminated their service and to the dependents of such individuals, and may be provided by purchasing insurance, by a program of self-insurance, or by a combination of both. However, postemployment benefits other than pensions shall not include defined benefit pension plans for retirees and eligible dependents of retirees, termination benefits, or other pension benefits. Such postemployment benefits other than pensions may be provided to the officers and employees or to their dependents, estates, or designated beneficiaries. Any benefits arising from any postemployment benefits other than pension programs shall be clearly defined and strictly construed. <a id=\"paragraph-211309\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2203.4\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"E\"><p><span class=\"prefix-number\">E.<\/span> Notwithstanding any other provision of <span class=\"dictionary\">law<\/span>, the moneys and other property comprising the trust or equivalent arrangement established hereunder shall be invested, reinvested, and managed by the <span class=\"dictionary\">Authority<\/span> or the trust company or bank having powers of a trust company within or without the <span class=\"dictionary\">Commonwealth<\/span> that is selected by the <span class=\"dictionary\">Board<\/span> to act as a trustee for the trust or equivalent arrangement with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with the same aims. Such investments shall be diversified so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so. Such investments shall not be limited by Chapter 45 (&#xA7; <a class=\"law\" title=\"Legal investments for public sinking funds\" href=\"\/2.2-4500\/\">2.2-4500<\/a> et seq.). <a id=\"paragraph-211310\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/2.2-2203.4\/#E\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTRUST FOR POSTEMPLOYMENT BENEFITS AUTHORIZED; ADMINISTRATION (\u00a7 2.2-2203.4)\n\nA. The Authority is hereby authorized to establish and maintain a trust or\nequivalent arrangement for the purpose of accumulating and investing assets to\nfund postemployment benefits other than pensions, as defined herein. Such trust\nor equivalent arrangement shall be irrevocable. The assets of such trust or\nsimilar arrangement (i) shall be dedicated to providing benefits to retirees and\ntheir beneficiaries in accordance with the terms of the plan or programs\nproviding postemployment benefits other than pensions and (ii) shall be exempt\nfrom taxation and execution, attachment, garnishment, or any other process\nagainst the Authority or a retiree or beneficiary. The funds of the trust or\nsimilar arrangement shall be deemed separate and independent trust funds, shall\nbe segregated from all other funds of the Authority, and shall be invested and\nadministered solely in the interests of the active or former employees (and\ntheir dependents or beneficiaries) entitled to postemployment benefits other\nthan pensions.\n\nB. The Authority may make appropriations to any such trust or equivalent\narrangement, and the Authority may require active and former employees covered\nby a postemployment benefit program to contribute to the trust or equivalent\narrangement through payments or deductions from their wages, salaries, or\npensions.\n\nC. Nothing in this section shall be construed to inhibit the Authority&#8217;s\nright to revise or discontinue its plans or programs providing such\npostemployment benefits other than pensions for its active and former officers\nand employees as it may deem necessary. If all plans or programs providing such\npostemployment benefits other than pensions for which the trust or equivalent\narrangement is established are repealed or terminated by the Authority, then\nthere shall be no continuing responsibility of the Authority to continue to make\nappropriations to such trust or equivalent arrangement, and the assets of such\ntrust or equivalent arrangement shall be used to provide any benefits continuing\nto be due to active or former employees (and their dependents or beneficiaries)\nunder such plans or programs. If there are no active or former employees (or\ndependents or beneficiaries) due a benefit under any plan or program providing\nsuch postemployment benefits other than pensions for which the trust or\nequivalent arrangement was established, then any remaining assets may revert to\nthe Authority.\n\nD. Postemployment benefits other than pensions shall be defined by the Authority\npursuant to applicable accounting standards and law. Such benefits may include,\nbut are not limited to, medical, prescription drug, dental, vision, hearing,\nlife, or accident insurance (not provided through a pension plan), long-term\ncare benefits, and long-term disability benefits (not covered under a pension\nplan) provided to individuals who have terminated their service and to the\ndependents of such individuals, and may be provided by purchasing insurance, by\na program of self-insurance, or by a combination of both. However,\npostemployment benefits other than pensions shall not include defined benefit\npension plans for retirees and eligible dependents of retirees, termination\nbenefits, or other pension benefits. Such postemployment benefits other than\npensions may be provided to the officers and employees or to their dependents,\nestates, or designated beneficiaries. Any benefits arising from any\npostemployment benefits other than pension programs shall be clearly defined and\nstrictly construed.\n\nE. Notwithstanding any other provision of law, the moneys and other property\ncomprising the trust or equivalent arrangement established hereunder shall be\ninvested, reinvested, and managed by the Authority or the trust company or bank\nhaving powers of a trust company within or without the Commonwealth that is\nselected by the Board to act as a trustee for the trust or equivalent\narrangement with the care, skill, prudence, and diligence under the\ncircumstances then prevailing that a prudent person acting in a like capacity\nand familiar with such matters would use in the conduct of an enterprise of like\ncharacter and with the same aims. Such investments shall be diversified so as to\nminimize the risk of large losses unless under the circumstances it is clearly\nprudent not to do so. Such investments shall not be limited by Chapter 45\n(&#xA7; 2.2-4500 et seq.).\n\nHISTORY: 2012, cc. 779, 817.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}