Quorum: The number of legislators that must be present to do business.
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
Trust Fund: means the Local Public Safety and Firefighter Surviving Spouse Trust Fund created in Section 53-17-301. See Utah Code 53-17-102
Trustee: A person or institution holding and administering property in trust.
(a)
There is created the Local Public Safety and Firefighter Surviving Spouse Trust Fund Board of Trustees composed of four members:
(i)
the commissioner of public safety or the commissioner’s designee;
(ii)
the executive director of the Governor’s Office of Planning and Budget or the executive director’s designee;
(iii)
one person representing municipalities, designated by the Utah League of Cities and Towns; and
(iv)
one person representing counties, designated by the Utah Association of Counties.
(b)
The commissioner of public safety, or the commissioner’s designee, 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:
rules made by the Division of Finance according to Sections 63A-3-106 and 63A-3-107.
(e)
(i)
The Department of Public Safety shall staff the board of trustees.
(ii)
The department shall provide accounting services for the trust fund.
(2)
The board shall:
(a)
establish rates to charge each employer based on the number of public safety service employees and firefighter service employees who are eligible for the health coverage under this chapter;
(b)
act as trustee of the trust fund and exercise the state‘s fiduciary responsibilities;
(c)
meet at least once per year;
(d)
review and approve all policies, projections, rules, criteria, procedures, forms, standards, performance goals, and actuarial reports;
(e)
review and approve the budget for the trust fund;
(f)
review financial records of the trust fund, including trust fund receipts, expenditures, and investments;
(g)
commission and obtain financial or actuarial studies of the liabilities for the trust fund;
(h)
calculate and approve administrative expenses of the trust fund; and
(i)
do any other things necessary to perform the fiduciary obligations under the trust.
