67-19d-201.5. Elected Official Post-Retirement Benefits Trust Fund -- Creation -- Oversight -- Dissolution.

392 words·~2 min read·/ut/title-67/chapter-19d/67-19d-201-5

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(1)There is created the "Elected Official Post-Retirement Benefits Trust Fund."

(2)The Elected Official Post-Retirement Benefits Trust Fund consists of:

(a)appropriations made to the fund by the Legislature for the purpose of funding the post-retirement benefits in Section 49-20-404 ;

(b)revenues received by the state treasurer from the investment of the Elected Official Post-Retirement Benefits Trust Fund; and

(c)other revenues received from other sources.

(3)The Division of Finance shall account for the receipt and expenditures of money in the Elected Official Post-Retirement Benefits Trust Fund.

(a)Except as provided in Subsection (4)(c) , the state treasurer shall invest the Elected Official Post-Retirement Benefits Trust Fund money by following the same procedures and requirements for the investment of the State Post-Retirement Benefits Trust Fund in Part 3, Trust Fund Investments .

(i)The Elected Official Post-Retirement Benefits Trust Fund shall earn interest.

(ii)The state treasurer shall deposit all interest or other income earned from investment of the Elected Official Post-Retirement Benefits Trust Fund back into the Elected Official Post-Retirement Benefits Trust Fund.

(c)The Elected Official Post-Retirement Benefits Trust Fund is exempt from Title 51, Chapter 7, State Money Management Act .

(5)The board of trustees created in Section 67-19d-202 may expend money from the Elected Official Post-Retirement Benefits Trust Fund for:

(a)the employer portion of the cost of the program established in Section 49-20-404 ; and

(b)reasonable administrative costs that the board of trustees incurs in performing its duties as trustees of the Elected Official Post-Retirement Benefits Trust Fund.

(6)The board of trustees shall ensure that:

(a)money deposited into the Elected Official Post-Retirement Benefits Trust Fund is irrevocable and is expended only for the employer portion of the costs of post-retirement benefits under Section 49-20-404 ; and

(b)creditors of the board of trustees and of employers liable for the post-retirement benefits may not seize, attach, or otherwise obtain assets of the Elected Official Post-Retirement Benefits Trust Fund.

(7)When all of the liabilities for which the Elected Official Post-Retirement Benefits Trust Fund was created are paid, the Division of Finance shall transfer any assets remaining in the Elected Official Post-Retirement Benefits Trust Fund into the appropriate fund.

Enacted by Chapter 376 , 2012 General Session