Subd. 1. Trust.

INCENTIVE TRUST; TRUST ACCOUNT.

There is established an ambulance service personnel longevity award and incentive trust.

Subd. 2. Trust account.

1. (a) There is established in the general fund an ambulance service personnel longevity award and incentive trust account and an ambulance service personnel longevity award and incentive suspense account.

2. (b) The trust account must be credited with:

   1. (1) general fund appropriations for that purpose;
   2. (2) transfers from the ambulance service personnel longevity award and incentive suspense account; and
   3. (3) investment earnings on those accumulated proceeds. The assets and income of the trust account must be held and managed by the commissioner of finance and the State Board of Investment for the benefit of the state of Minnesota and its general creditors.

3. (c) The suspense account must be credited with transfers from the excess police state-aid holding account established in section 69.021, subdivision 11, any per-year-of-service allocation under section 144E.45, subdivision 2, paragraph (c), that was not made for an individual, and investment earnings on those accumulated proceeds. The suspense account must be managed by the commissioner of finance and the State Board of Investment. From the suspense account to the trust account there must be transferred to the ambulance service personnel longevity award and incentive trust account, as the suspense account balance permits, the following amounts:

   1. (1) an amount equal to any general fund appropriation to the ambulance service personnel longevity award and incentive trust account for that fiscal year; and
   2. (2) an amount equal to the percentage of the remaining balance in the account after the deduction of the amount under clause (1), as specified for the applicable fiscal year: Fiscal year Percentage 1995 20 1996 40 1997 50 1998 60 1999 70 2000 80 2001 90 2002 and thereafter 100

Subd. 3. Priority of claims.

The state of Minnesota intends that this program, trust, and trust account not constitute a separate fund for any legal purpose, including the federal Internal Revenue Code, as amended, and the federal Employee Retirement Income Security Act of 1974, as amended. Qualified ambulance service personnel have only an unsecured promise of the state of Minnesota to pay a longevity award upon meeting entitlement requirements set forth in section 144E.46, and qualified ambulance service personnel meeting those entitlement requirements have the status of general unsecured creditors with respect to an ambulance service personnel longevity award, if and when awarded.