NC S1212

Repeals the centralized Local Government Other Post-Employment Benefits (OPEB) Fund established under G.S. 147-69.4, effective July 1, 2010.

Allows each local government unit, public authority, school administrative unit, and Local Government Employee's Retirement System-eligible entity to establish its own separate irrevocable OPEB trust fund.

Permits local government OPEB trusts to deposit assets with the State Treasurer for investment under the same investment authority available to retirement systems, with a minimum deposit requirement of up to $100,000.

Restricts trust contributions to amounts not exceeding the entity's actuarial liability as determined by Governmental Accounting Standards Board standards, with trust assets protected from creditor claims.

Authorizes the State Treasurer to assess fees of up to 15 basis points annually on investments from local OPEB trusts to defray administrative costs.