Is there any State statute that expressly authorizes a local government in New York to create a trust for OPEB purposes?
No, and in the absence of such a statute, it is questionable whether local governments have the requisite authority for establishing an OPEB trust. A State statute providing express authority is highly advisable as it would eliminate questions as to the underlying authority for the creation of the trust. Several states (including Virginia, Michigan and California) have enacted legislation that provides local governments with additional authority in response to GASB 45.
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