The University holds two Trusts for the purpose of funding post-employment benefits. They are the Ball State University Health Care Plan Trust, a Voluntary Employee Benefits (VEBA) Trust, created in 1988, which is intended to fund post-employment health care plans, and the Ball State University OPEB 115 Trust, an IRS Section 115 Trust, created in 2014 as a replacement for the Ball State University Life Insurance Continuance Fund (LICF) that was established in fiscal year 1979-1980 and was intended to fund post-employment life insurance.

Ball State Board of Trustees is trustee of these post-employment Trusts. In addition, U.S. Bank National Association is named as custodian and directed trustee of both Trusts. An Investment Committee oversees the investments in the Trusts, with the assistance of an investment consultant. The Investment Committee includes two members of the University Board of Trustees.

Annual financial statements are prepared for the Retiree Health and Life plans, according to GASB 43, Financial Reporting for Postemployment Benefit Plans Other Then Pension Plans, and GASB 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions.  Audited financial statements for years ended June 30, 2011, 2012, 2013,2014, 2015, 2016, 2017, and 2018 have been reviewed and approved by the University Board of Trustees, and are available (see related links).