Delaware Code Title 29. State Government § 5281. Establishment of fund

(a) There shall be established an OPEB Fund, a trust fund, separate and distinct from the funds established under §§ 5541 and 5601 of this title and § 8393 of Title 11, to which state appropriations and other employer contributions shall be deposited, and to which earnings on investments, refunds and reimbursements shall be deposited upon receipt, and from which the State's premiums as defined in § 5202(b) of this title shall be paid, and any fees and expenses authorized by the Board shall be paid. No money shall be disbursed from this fund except for the purpose of payment of the State's premiums for post-retirement health insurance for employees retired under Chapters 55 and 56 of this title and Chapter 83 of Title 11.

(b) The amounts remaining in the trust, if any, after all premiums, fees, and expenses have been paid for any year shall be retained in such trust for future payments until all state liabilities for post-retirement health insurance premium benefits have been satisfied.

(c) This chapter is replacing § 5550 of this title in its entirety.

(d) The trust shall be an irrevocable trust exempt from federal income tax under § 115 of the Internal Revenue Code [26 U.S.C. § 115] and subject to the financial reporting, disclosure and actuarial requirements of Government Accounting Standards Board Statements 43 and 45 or any subsequent Government Accounting Standards Board updates or statements that may be applicable.