(1) |
As used in this section:
Terms Used In Utah Code 51-7-12.2- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Governmental Accounting Standards Board: means the Governmental Accounting Standards Board that is responsible for accounting standards used by public entities. See Utah Code 51-7-3
- Local government: means a county, municipality, school district, special district under Title 17B, Limited Purpose Local Government Entities - Special Districts, special service district under Title 17D, Chapter 1, Special Service District Act, or any other political subdivision of the state. See Utah Code 51-7-3
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a) |
“Local Government OPEB Trust Fund” or “Local Government Other Post-Employment Benefits Trust Fund” means money set aside by a local government to fund future payments of benefits, other than pensions, to a former employee who is qualified for the benefits. |
(b) |
“Local Government OPEB Trust Fund” does not include money for deposit in the Utah State Retirement Investment Fund created under Section 49-11-301, or money for deposit in the Post-Retirement Benefits Trust Fund created under Section 67-19d-201. |
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(2) |
All local government OPEB trust fund money in the custody of a local government treasurer shall be established in a separate trust fund in accordance with standards established by the Governmental Accounting Standards Board. |
(3) |
Money in a local government OPEB trust fund may be deposited or invested only in the following assets that meet the criteria of Section 51-7-17:
(a) |
a deposit or investment authorized under Section 51-7-11; |
(b) |
indexed funds of an open-end diversified management investment company established under the Investment Companies Act of 1940; or |
(c) |
indexed funds that are administered by the state treasurer in accordance with Subsection (4). |
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(4) |
The state treasurer may:
(a) |
develop and offer a variety of asset allocation options for money in a local government OPEB trust fund; |
(b) |
review for efficiency, the asset allocation options offered under Subsection (4)(a) as needed; and |
(c) |
charge an administrative fee of not more than .005 percent per month of the assets managed for cost incurred in the management of funds within an asset allocation option. |
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Enacted by Chapter 207, 2007 General Session