§ 99-aa. Retiree health benefit trust fund. 1. There is hereby\nestablished in the joint custody of the commissioner of the department\nof civil service and the state comptroller a special investment trust\nfund to be known as the retiree health benefit trust fund, which shall\nbe classified as a fiduciary fund type.\n 2. For purposes of this section: (a) "commissioner" shall mean the\ncommissioner of the department of civil service;\n (b) "state" shall mean the state of New York;\n (c) "fund", or "trust", or "trust fund" shall mean the retiree health\nbenefit trust fund created by this section; and\n (d) "retiree health benefits" shall mean benefits, except pensions or\nother benefits funded through a public retirement system, provided or to\nbe provided by the state as compensation, whether pursuant to statute,\ncontract or other lawful authority, to its current or former officers or\nemployees, or their families or beneficiaries, after service to the\nstate has ended, including, but not limited to, health care benefits.\n 3. (a) Notwithstanding any provision of law to the contrary, the\nretiree health benefit trust fund is established for the exclusive\nbenefit of retired state employees and their dependents.\n (b) The sole purpose of the trust fund established pursuant to\nsubdivision one of this section shall be to fund the retiree health\nbenefits of retired state employees and their dependents.\n 4. (a) Payments into and from the trust fund established pursuant to\nsubdivision one of this section shall be made in accordance with this\nsection.\n (b) Contributions to the trust, and any interest or other income or\nearnings on contributions, shall be irrevocable before all liabilities\nof the state government for retiree health benefits have been satisfied\nand shall be solely dedicated to, and used solely for, providing retiree\nhealth benefits and paying appropriate and reasonable expenses of\nadministering the trust. No assets, income, earnings or distributions of\nthe trust shall be subject to any claim of creditors of the state, or to\nassignment or execution, attachment or any other claim enforcement\nprocess initiated by or on behalf of such creditors. Except as otherwise\nprovided in subdivision eight of this section, the commissioner shall\nnot be responsible for the adequacy of the assets of the trust to meet\nany other post-employment benefit. The trust may be terminated only when\nall liabilities of the state for retiree health benefits have been\nsatisfied and there is no present or future obligation, contingent or\notherwise, of the state to provide such retiree health benefits. Upon\nsuch termination, any remaining trust assets, after any proper expenses\nof the trust have been paid, shall revert to the state.\n (c) At the request of the director of the budget, the state\ncomptroller shall transfer monies from the general fund to the trust\nfund up to and including an amount equivalent to one and fifty\none-hundredths of one per centum of the total actuarial accrued\nliability included in the state of New York comprehensive annual\nfinancial report.\n (d) Any use of funds for retiree health benefits from such trust fund\nshall not be subject to an appropriation and shall be transferred by the\nstate comptroller, at the request of the director of the budget, to the\nextent funds are available in such trust fund, to the health insurance\nfund for the sole and exclusive purpose of funding retiree health\nbenefits. The director of the budget shall notify both houses of the\nlegislature in writing thirty days prior to initiating transfers\npursuant to this authorization.\n 5. Investments. (a) The commissioner may establish a trust in joint\ncustody with the state comptroller for the purpose of accumulating\nassets to fund the cost of providing retiree health benefits.\n (b) The commissioner is hereby declared to be the trustee of the trust\nestablished pursuant to subdivision one of this section, and
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