67-19d-202. Board of trustees of the State Post-Retirement Benefits Trust Fund and the Elected Official Post-Retirement Benefits Trust Fund.

410 words·~2 min read·/ut/title-67/chapter-19d/67-19d-202

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 7/1/2021

(a)There is created a board of trustees of the State Post-Retirement Benefits Trust Fund and the Elected Official Post-Retirement Benefits Trust Fund composed of three members:

(i)the state treasurer or designee;

(ii)the director of the Division of Finance or designee; and

(iii)the executive director of the Governor's Office of Planning and Budget or designee.

(b)The state treasurer is chair of the board.

(c)Three members of the board are a quorum.

(d)A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:

(i)Section 63A-3-106 ;

(ii)Section 63A-3-107 ; and

(iii)rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107 .

(i)Except as provided in Subsection (1)(e)(ii) , the state treasurer shall staff the board of trustees.

(ii)The Division of Finance shall provide accounting services for the trust fund.

(2)The board shall:

(a)on behalf of the state, act as trustee of the State Post-Retirement Benefits Trust Fund created under Section 67-19d-201 and the Elected Official Post-Retirement Benefits Trust Fund created under Section 67-19d-201.5 and exercise the state's fiduciary responsibilities;

(b)meet at least twice per year;

(c)review and approve all policies, projections, rules, criteria, procedures, forms, standards, performance goals, and actuarial reports;

(d)review and approve the budget for each trust fund described under Subsection (2)(a) ;

(e)review financial records for each trust fund described under Subsection (2)(a) , including trust fund receipts, expenditures, and investments;

(f)commission and obtain actuarial studies of the liabilities for each trust fund described under Subsection (2)(a) ;

(g)for purposes of the State Post-Retirement Benefits Trust Fund, establish labor additive rates to charge all federal, state, and other programs to cover:

(i)the annual required contribution as determined by actuary; and

(ii)the administrative expenses of the trust fund; and

(h)do any other things necessary to perform the state's fiduciary obligations under each trust fund described under Subsection (2)(a) .

(3)The attorney general shall:

(a)act as legal counsel and provide legal representation to the board of trustees; and

(b)attend, or direct an attorney from the Office of the Attorney General to attend, each meeting of the board of trustees.

Amended by Chapter 382 , 2021 General Session