Maine § 5 §286-B Irrevocable Trust Funds for Other Post-employment Benefits

Maine Statutes

§ 5 §286-B — Irrevocable Trust Funds for Other Post-employment Benefits

Maine § 5 §286-B

Title 5ADMINISTRATIVE PROCEDURES AND SERVICES

Part 1STATE DEPARTMENTS

Ch. 13DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES

This text of Maine § 5 §286-B (Irrevocable Trust Funds for Other Post-employment Benefits) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 5, § 5 §286-B (2026).

Text

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Establishment. The Irrevocable Trust Funds for Other Post-employment Benefits are established to meet the State's unfunded liability obligations for retiree health benefits. The state employee plan is established for eligible participants as described in section 285, subsection 1‑A. The teacher plan is established for eligible participants, beginning July 1, 2011, as described in Title 20‑A, section 13451, subsections 2, 2‑A, 2‑B and 2‑C. The first responder plan is established for eligible participants as described in section 285, subsection 11‑A. Funds appropriated for the irrevocable trust funds must be held in trust and must be invested or disbursed for t

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1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Establishment.
The Irrevocable Trust Funds for Other Post-employment Benefits are established to meet the State's unfunded liability obligations for retiree health benefits. The state employee plan is established for eligible participants as described in section 285, subsection 1‑A. The teacher plan is established for eligible participants, beginning July 1, 2011, as described in Title 20‑A, section 13451, subsections 2, 2‑A, 2‑B and 2‑C. The first responder plan is established for eligible participants as described in section 285, subsection 11‑A. Funds appropriated for the irrevocable trust funds must be held in trust and must be invested or disbursed for the exclusive purpose of providing for retiree health benefits and may not be encumbered for, or diverted to, other purposes. Funds appropriated for the irrevocable trust funds may not be diverted or deappropriated by any subsequent action.
3.
Trustees.
The trustees of the irrevocable trust funds are as follows.
4.
Duties of the trustees.
The trustees of the irrevocable trust funds have the following duties.
5.
Investment of funds.
The trustees of the investment trust fund are responsible for the investment and reinvestment of the funds appropriated to the irrevocable trust funds and transferred to the investment trust fund in accordance with the Maine Uniform Trust Code and the Maine Uniform Prudent Investor Act under Title 18‑B, subject to the guidelines set for the investment trust fund in section 17435.
6.
Report to Legislature.
The trustees of the irrevocable trust funds shall make a written report to the joint standing committee of the Legislature having jurisdiction over appropriations matters and the joint standing committee of the Legislature having jurisdiction over labor matters on or before March 1st of each year that contains a discussion of any areas of policy or administration of the irrevocable trust funds that, in the opinion of the trustees of the irrevocable trust funds, should be brought to the attention of the joint standing committees; a discussion of the progress toward meeting the goals of this section; and a review of the status of the irrevocable trust funds.