The OPEB Board shall be composed of the Smithfield Town Manager,
the Smithfield Finance Director, and the Smithfield School Department
Business Manager.
The Town Council may, in its discretion, employ one or more
qualified consultants, actuaries, accountants, attorneys or other
professionals at such times as are necessary or advisable to assure
the maintenance of the OPEB Trust Fund. An actuary shall perform an
actuarial valuation of the Town's OPEB liabilities and funding
schedule, as required by and in accordance with Government Accounting
Standards Board Statements 43 and 45, for the purposes thereof, and
may assist with the administration of the OPEB Trust Fund. The expenses
of the consultants will be payable from the OPEB Trust Fund unless
otherwise directed by the Town Council.
The OPEB Board shall use ordinary care and reasonable diligence
in the performance of its duty and its members shall not be personally
liable for any error of omission or commission unless such error results
from his or her own gross negligence, willful misconduct or lack of
good faith.
No part of the OPEB Trust Fund assets shall be subject, in any
manner, to sale, transfer, alienation, pledge, assignment, attachment,
or any other encumbrance, whether voluntary or involuntary, by operation
of law or court order. Any attempt to sell, transfer, alienate, pledge,
assign or otherwise encumber the assets of the OPEB Trust Fund shall
be void and of no force and effect.
To the extent a distribution has been made from the OPEB Trust
Fund that was based on incorrect or inaccurate information received
by the OPEB Board at the time, or resulted in an overpayment, the
OPEB Board shall use its best efforts to apply such overpayment to
the next succeeding payment due or otherwise receive a credit, and
deposit any refund received, into the OPEB Trust Fund to the extent
of such overpayment.
At any time, the Smithfield Finance Director may submit a statement
or invoice for premiums and/or other allowable related costs due during
such fiscal period for post-employment benefits due retired employees
of the Town, which statement shall include the amount to be paid from
the OPEB Trust Fund. The OPEB Board shall make arrangements to withdraw
from the OPEB Trust Fund an amount sufficient to pay such expenditures
due.
The OPEB Board shall comply with all applicable provisions of
Rhode Island law which relate to other post-employment benefits, including
G.L. §§ 45-21-65 and 16-2-9.5. Any provision of this
chapter which is inconsistent with any provision of federal or state
law shall be deemed stricken from this chapter without affecting the
validity or enforceability of the remaining provisions of this chapter.