{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-129.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-129.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-129.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-129.2.html"}],"law_id":79408,"edition_id":1,"section_id":79408,"structure_id":13423,"section_number":"62.1-129.2","catch_line":"Trust for postemployment benefits authorized; administration","history":"2008, cc. 597, 622.","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 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 the assets of such trust or equivalent arrangement 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 covered by the Fund.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’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such postemployment benefits other than pensions for which the trust or equivalent arrangement is established are repealed or terminated by the Authority, then there shall be no continuing responsibility for the Authority to continue to make appropriations to such trust or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, 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 and the moneys or other properties comprising the retirement program established pursuant to § 51.1-126.4 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 who is selected by the Board to act as a trustee for the fund, 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 (§ 2.2-4500 et seq.) of Title 2.2.","order_by":null,"text":{"0":{"id":284463,"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 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 the assets of such trust or equivalent arrangement 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 covered by the Fund.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":284464,"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":284465,"text":"Nothing in this section shall be construed to inhibit the Authority’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 for 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":284466,"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, 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":284467,"text":"Notwithstanding any other provision of law, the moneys and other property comprising the trust or equivalent arrangement established hereunder and the moneys or other properties comprising the retirement program established pursuant to § 51.1-126.4 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 who is selected by the Board to act as a trustee for the fund, 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 (§ 2.2-4500 et seq.) of Title 2.2.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":13423,"edition_id":1,"name":"Virginia Port Authority","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:52","date_modified":"2026-06-26 03:44:52","permalink":{"id":268231,"object_type":"structure","relational_id":13423,"identifier":"10","token":"62.1\/10","url":"\/62.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12909,"edition_id":1,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":268199,"object_type":"structure","relational_id":12909,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63656,"structure_id":13423,"section_number":"62.1-128","catch_line":"Authority created","url":"\/62.1-128\/","token":"62.1\/10\/62.1-128","metadata":false},{"id":65543,"structure_id":13423,"section_number":"62.1-129","catch_line":"Board of Commissioners; members and officers; Executive Director; agents and employees","url":"\/62.1-129\/","token":"62.1\/10\/62.1-129","metadata":false},{"id":59839,"structure_id":13423,"section_number":"62.1-129.1","catch_line":"Employees; employment; personnel rules; health insurance; retirement plans","url":"\/62.1-129.1\/","token":"62.1\/10\/62.1-129.1","metadata":false},{"id":79408,"structure_id":13423,"section_number":"62.1-129.2","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/62.1-129.2\/","token":"62.1\/10\/62.1-129.2","metadata":false},{"id":83097,"structure_id":13423,"section_number":"62.1-130","catch_line":"Powers and duties of Executive Director","url":"\/62.1-130\/","token":"62.1\/10\/62.1-130","metadata":false},{"id":59763,"structure_id":13423,"section_number":"62.1-131","catch_line":"Office and branch offices; title to property","url":"\/62.1-131\/","token":"62.1\/10\/62.1-131","metadata":false},{"id":66040,"structure_id":13423,"section_number":"62.1-132","catch_line":"Local authorities subordinate to Authority","url":"\/62.1-132\/","token":"62.1\/10\/62.1-132","metadata":false},{"id":72875,"structure_id":13423,"section_number":"62.1-132.1","catch_line":"General powers","url":"\/62.1-132.1\/","token":"62.1\/10\/62.1-132.1","metadata":false},{"id":84095,"structure_id":13423,"section_number":"62.1-132.10","catch_line":"Publications of Authority","url":"\/62.1-132.10\/","token":"62.1\/10\/62.1-132.10","metadata":false},{"id":66130,"structure_id":13423,"section_number":"62.1-132.11","catch_line":"Police powers; penalties","url":"\/62.1-132.11\/","token":"62.1\/10\/62.1-132.11","metadata":false},{"id":73248,"structure_id":13423,"section_number":"62.1-132.11:1","catch_line":"Prevention and suppression of fire","url":"\/62.1-132.11_1\/","token":"62.1\/10\/62.1-132.11_1","metadata":false},{"id":55570,"structure_id":13423,"section_number":"62.1-132.11:2","catch_line":"Repealed","url":"\/62.1-132.11_2\/","token":"62.1\/10\/62.1-132.11_2","metadata":false},{"id":58810,"structure_id":13423,"section_number":"62.1-132.12","catch_line":"Employment, jurisdiction, and power of special police officers","url":"\/62.1-132.12\/","token":"62.1\/10\/62.1-132.12","metadata":false},{"id":79088,"structure_id":13423,"section_number":"62.1-132.12:1","catch_line":"Agreements with private terminal operators","url":"\/62.1-132.12_1\/","token":"62.1\/10\/62.1-132.12_1","metadata":false},{"id":71336,"structure_id":13423,"section_number":"62.1-132.13","catch_line":"Cooperation with federal agencies","url":"\/62.1-132.13\/","token":"62.1\/10\/62.1-132.13","metadata":false},{"id":62138,"structure_id":13423,"section_number":"62.1-132.14","catch_line":"Agreement of local cooperation with Corps of Engineers","url":"\/62.1-132.14\/","token":"62.1\/10\/62.1-132.14","metadata":false},{"id":70483,"structure_id":13423,"section_number":"62.1-132.15","catch_line":"Grants and loans from federal agencies","url":"\/62.1-132.15\/","token":"62.1\/10\/62.1-132.15","metadata":false},{"id":77199,"structure_id":13423,"section_number":"62.1-132.16","catch_line":"Fees and charges","url":"\/62.1-132.16\/","token":"62.1\/10\/62.1-132.16","metadata":false},{"id":55559,"structure_id":13423,"section_number":"62.1-132.17","catch_line":"Grants of funds and property","url":"\/62.1-132.17\/","token":"62.1\/10\/62.1-132.17","metadata":false},{"id":58305,"structure_id":13423,"section_number":"62.1-132.18","catch_line":"Acquisition of property","url":"\/62.1-132.18\/","token":"62.1\/10\/62.1-132.18","metadata":false},{"id":75598,"structure_id":13423,"section_number":"62.1-132.19","catch_line":"Acquisition and lease of property","url":"\/62.1-132.19\/","token":"62.1\/10\/62.1-132.19","metadata":false},{"id":55163,"structure_id":13423,"section_number":"62.1-132.2","catch_line":"Bylaws and organization","url":"\/62.1-132.2\/","token":"62.1\/10\/62.1-132.2","metadata":false},{"id":70256,"structure_id":13423,"section_number":"62.1-132.20","catch_line":"Craney Island Disposal Area","url":"\/62.1-132.20\/","token":"62.1\/10\/62.1-132.20","metadata":false},{"id":82030,"structure_id":13423,"section_number":"62.1-132.3","catch_line":"Stimulation of commerce","url":"\/62.1-132.3\/","token":"62.1\/10\/62.1-132.3","metadata":false},{"id":74558,"structure_id":13423,"section_number":"62.1-132.3:1","catch_line":"Port Opportunity Fund","url":"\/62.1-132.3_1\/","token":"62.1\/10\/62.1-132.3_1","metadata":false},{"id":74633,"structure_id":13423,"section_number":"62.1-132.3:2","catch_line":"Port of Virginia Economic and Infrastructure Development Grant Fund and Program","url":"\/62.1-132.3_2\/","token":"62.1\/10\/62.1-132.3_2","metadata":false},{"id":65940,"structure_id":13423,"section_number":"62.1-132.3:2.1","catch_line":"Port of Virginia Economic Development Grant Program and Fund","url":"\/62.1-132.3_2.1\/","token":"62.1\/10\/62.1-132.3_2.1","metadata":false},{"id":66782,"structure_id":13423,"section_number":"62.1-132.3:2.2","catch_line":"Economic and Infrastructure Development Grant Program","url":"\/62.1-132.3_2.2\/","token":"62.1\/10\/62.1-132.3_2.2","metadata":false},{"id":61424,"structure_id":13423,"section_number":"62.1-132.3:2.3","catch_line":"International Trade Facility Grant Program","url":"\/62.1-132.3_2.3\/","token":"62.1\/10\/62.1-132.3_2.3","metadata":false},{"id":60824,"structure_id":13423,"section_number":"62.1-132.3:3","catch_line":"Repealed","url":"\/62.1-132.3_3\/","token":"62.1\/10\/62.1-132.3_3","metadata":false},{"id":74936,"structure_id":13423,"section_number":"62.1-132.3:4","catch_line":"Repealed","url":"\/62.1-132.3_4\/","token":"62.1\/10\/62.1-132.3_4","metadata":false},{"id":68294,"structure_id":13423,"section_number":"62.1-132.3:5","catch_line":"Virginia Port Volume Increase Grant Program and Fund","url":"\/62.1-132.3_5\/","token":"62.1\/10\/62.1-132.3_5","metadata":false},{"id":60724,"structure_id":13423,"section_number":"62.1-132.3:6","catch_line":"Virginia Barge and Rail Usage Grant Program and Fund","url":"\/62.1-132.3_6\/","token":"62.1\/10\/62.1-132.3_6","metadata":false},{"id":59335,"structure_id":13423,"section_number":"62.1-132.4","catch_line":"Rates and rate structures","url":"\/62.1-132.4\/","token":"62.1\/10\/62.1-132.4","metadata":false},{"id":68637,"structure_id":13423,"section_number":"62.1-132.5","catch_line":"Planning","url":"\/62.1-132.5\/","token":"62.1\/10\/62.1-132.5","metadata":false},{"id":64542,"structure_id":13423,"section_number":"62.1-132.6","catch_line":"Powers not restrictive; exemptions from Public Procurement Act and the Virginia Personnel Act","url":"\/62.1-132.6\/","token":"62.1\/10\/62.1-132.6","metadata":false},{"id":83007,"structure_id":13423,"section_number":"62.1-132.7","catch_line":"Employment of personnel and legal counsel","url":"\/62.1-132.7\/","token":"62.1\/10\/62.1-132.7","metadata":false},{"id":57001,"structure_id":13423,"section_number":"62.1-132.8","catch_line":"Consolidation of terminal operations","url":"\/62.1-132.8\/","token":"62.1\/10\/62.1-132.8","metadata":false},{"id":64190,"structure_id":13423,"section_number":"62.1-132.9","catch_line":"Foreign trade zones","url":"\/62.1-132.9\/","token":"62.1\/10\/62.1-132.9","metadata":false},{"id":54391,"structure_id":13423,"section_number":"62.1-133","catch_line":"Repealed","url":"\/62.1-133\/","token":"62.1\/10\/62.1-133","metadata":false},{"id":87260,"structure_id":13423,"section_number":"62.1-134.1","catch_line":"Expediting shipment of coal","url":"\/62.1-134.1\/","token":"62.1\/10\/62.1-134.1","metadata":false},{"id":60040,"structure_id":13423,"section_number":"62.1-135","catch_line":"Repealed","url":"\/62.1-135\/","token":"62.1\/10\/62.1-135","metadata":false},{"id":61303,"structure_id":13423,"section_number":"62.1-136","catch_line":"Power of eminent domain","url":"\/62.1-136\/","token":"62.1\/10\/62.1-136","metadata":false},{"id":59095,"structure_id":13423,"section_number":"62.1-137","catch_line":"Repealed","url":"\/62.1-137\/","token":"62.1\/10\/62.1-137","metadata":false},{"id":64416,"structure_id":13423,"section_number":"62.1-138","catch_line":"Powers of State Corporation Commission not affected","url":"\/62.1-138\/","token":"62.1\/10\/62.1-138","metadata":false},{"id":68654,"structure_id":13423,"section_number":"62.1-139","catch_line":"Forms of accounts and records; annual report","url":"\/62.1-139\/","token":"62.1\/10\/62.1-139","metadata":false},{"id":73949,"structure_id":13423,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","url":"\/62.1-140\/","token":"62.1\/10\/62.1-140","metadata":false},{"id":71611,"structure_id":13423,"section_number":"62.1-141","catch_line":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","url":"\/62.1-141\/","token":"62.1\/10\/62.1-141","metadata":false},{"id":65807,"structure_id":13423,"section_number":"62.1-142","catch_line":"Charges for use of port facilities; sinking fund created from revenues for payment of bonds","url":"\/62.1-142\/","token":"62.1\/10\/62.1-142","metadata":false},{"id":85615,"structure_id":13423,"section_number":"62.1-143","catch_line":"Proceeds of bonds and revenues held in trust for certain purposes","url":"\/62.1-143\/","token":"62.1\/10\/62.1-143","metadata":false},{"id":59355,"structure_id":13423,"section_number":"62.1-144","catch_line":"Remedies of bondholders and trustee","url":"\/62.1-144\/","token":"62.1\/10\/62.1-144","metadata":false},{"id":61528,"structure_id":13423,"section_number":"62.1-145","catch_line":"Exercise of powers constitutes governmental functions; exemption from taxation","url":"\/62.1-145\/","token":"62.1\/10\/62.1-145","metadata":false},{"id":79491,"structure_id":13423,"section_number":"62.1-146","catch_line":"Bonds as legal investments","url":"\/62.1-146\/","token":"62.1\/10\/62.1-146","metadata":false},{"id":81613,"structure_id":13423,"section_number":"62.1-147","catch_line":"Bonds not debt or pledge of credit of Commonwealth or political subdivision; payment of expenses","url":"\/62.1-147\/","token":"62.1\/10\/62.1-147","metadata":false},{"id":61142,"structure_id":13423,"section_number":"62.1-147.1","catch_line":"Legalization of prior actions","url":"\/62.1-147.1\/","token":"62.1\/10\/62.1-147.1","metadata":false},{"id":78024,"structure_id":13423,"section_number":"62.1-147.1:1","catch_line":"Exemption of Authority from certain technology procedures","url":"\/62.1-147.1_1\/","token":"62.1\/10\/62.1-147.1_1","metadata":false},{"id":58848,"structure_id":13423,"section_number":"62.1-147.2","catch_line":"Chapter liberally construed","url":"\/62.1-147.2\/","token":"62.1\/10\/62.1-147.2","metadata":false}],"previous_section":{"id":59839,"structure_id":13423,"section_number":"62.1-129.1","catch_line":"Employees; employment; personnel rules; health insurance; retirement plans","url":"\/62.1-129.1\/","token":"62.1\/10\/62.1-129.1","metadata":false},"next_section":{"id":83097,"structure_id":13423,"section_number":"62.1-130","catch_line":"Powers and duties of Executive Director","url":"\/62.1-130\/","token":"62.1\/10\/62.1-130","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-129.2\/","history_text":"

This law was first created in 2008. The record of its establishment is cataloged in chapters 597<\/a> and 622<\/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\/"},{"id":85814,"section_number":"51.1-126.4","catch_line":"Employees of the Virginia Port Authority","order_by":null,"url":"\/51.1-126.4\/"}],"permalink":{"id":268245,"object_type":"law","relational_id":79408,"identifier":"62.1-129.2","token":"62.1\/10\/62.1-129.2","url":"\/62.1-129.2\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-129.2\/","token":"62.1\/10\/62.1-129.2","dublin_core":{"Title":"Trust for postemployment benefits authorized; administration","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-129.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority is hereby authorized to establish and maintain a trust or equivalent arrangement for the purpose of accumulating and investing assets<\/span> to fund postemployment benefits other than pensions, as defined herein. Such trust or equivalent arrangement shall be irrevocable; the assets<\/span> of such trust or similar arrangement 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 the assets<\/span> of such trust or equivalent arrangement shall be exempt from taxation and execution, attachment<\/span>, garnishment<\/span> 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 covered by the Fund. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Nothing in this section shall be construed to inhibit the Authority’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 for the Authority to continue to make appropriations to such trust or equivalent arrangement, and the 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 assets<\/span> may revert to the Authority. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Postemployment benefits other than pensions shall be defined by the Authority pursuant to applicable accounting standards and law<\/span>. Such benefits may include, but are not limited to, medical, prescription drug, dental, vision, hearing<\/span>, life or accident insurance (not provided through a pension plan), long-term care benefits, 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Notwithstanding any other provision of law<\/span>, the moneys and other property comprising the trust or equivalent arrangement established hereunder and the moneys or other properties comprising the retirement program established pursuant to § 51.1-126.4<\/a> 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 who is selected by the Board to act as a trustee for the fund, 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 (§ 2.2-4500<\/a> et seq.) of Title 2.2. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRUST FOR POSTEMPLOYMENT BENEFITS AUTHORIZED; ADMINISTRATION (\u00a7 62.1-129.2)\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 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 the assets of such\ntrust or equivalent arrangement shall be exempt from taxation and execution,\nattachment, garnishment or any other process against the Authority or a retiree\nor beneficiary. The funds of the trust or similar arrangement shall be deemed\nseparate, and independent trust funds shall be segregated from all other funds\nof the Authority, and shall be invested and administered solely in the interests\nof the active or former employees (and their dependents or beneficiaries)\nentitled to postemployment benefits other than pensions covered by the Fund.\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’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 for the Authority to continue to\nmake appropriations to such trust or equivalent arrangement, and the assets of\nsuch trust or equivalent arrangement shall be used to provide any benefits\ncontinuing to be due to active or former employees (and their dependents or\nbeneficiaries) under such plans or programs. If there are no active or former\nemployees (or dependents or beneficiaries) due a benefit under any plan or\nprogram providing such postemployment benefits other than pensions for which the\ntrust or equivalent arrangement was established, then any remaining assets may\nrevert to the 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 care\nbenefits, long-term disability benefits (not covered under a pension plan)\nprovided to individuals who have terminated their service and to the dependents\nof such individuals, and may be provided by purchasing insurance, by a program\nof self-insurance, or by a combination of both. However, postemployment benefits\nother than pensions shall not include defined benefit pension plans for retirees\nand eligible dependents of retirees, termination benefits or other pension\nbenefits. Such postemployment benefits other than pensions may be provided to\nthe officers and employees or to their dependents, estates, or designated\nbeneficiaries. Any benefits arising from any postemployment benefits other than\npension programs shall be clearly defined and strictly construed.\n\nE. Notwithstanding any other provision of law, the moneys and other property\ncomprising the trust or equivalent arrangement established hereunder and the\nmoneys or other properties comprising the retirement program established\npursuant to § 51.1-126.4 shall be invested, reinvested and managed by the\nAuthority or the trust company or bank having powers of a trust company within\nor without the Commonwealth who is selected by the Board to act as a trustee for\nthe fund, with the care, skill, prudence and diligence under the circumstances\nthen prevailing that a prudent person acting in a like capacity and familiar\nwith such matters would use in the conduct of an enterprise of like character\nand with the same aims. Such investments shall be diversified so as to minimize\nthe risk of large losses unless under the circumstances it is clearly prudent\nnot to do so. Such investments shall not be limited by Chapter 45 (§\n2.2-4500 et seq.) of Title 2.2.\n\nHISTORY: 2008, cc. 597, 622.","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}}