What types of trust fund structures are available?
Voluntary Employees Beneficiary Association (VEBA) trust: Requirements can be cumbersome, has IRS requirements. Section 401 (h) separate account under a pension plan. Locality must have a pension plan and there are limitations as to the amount of the OPEB contribution. Section 115 essential governmental function trust. Only available to governments, flexible, does not require IRS rulings or reporting. 17. What section of Virginia Code governs trust funds established for OPEB purposes? Sections 15.2-1544 through 15.2-1549 of the Code add Article 8 to Chapter 15: Local trusts to fund postemployment benefits other than pensions. This code section allows for the establishment of trust funds and provides options for the governance of these funds. The Code also allows for School Boards and general government trust funds to be established jointly. 18. What governance structures are provided for in the Code of Virginia? The governing body may establish a Finance Board to act as the trustee for
