Effective 7/1/2023
53B-8a-105. Powers and duties of board.
| (1) |
There is created the Utah Education Savings Board of Trustees. |
Terms Used In Utah Code 53B-8a-105 v2
- Board: means the board of directors of the Utah Educational Savings Plan, which is the Utah Board of Higher Education acting in the Utah Board of Higher Education's capacity as the Utah Higher Education Assistance Authority under Title 53B, Chapter 12, Higher Education Assistance Authority. See Utah Code 53B-8a-102.5
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Oversight: Committee review of the activities of a Federal agency or program.
- Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 53B-8a-102
| (2) |
The Utah Board of Higher Education shall:
| (a) |
appoint the members of the board as follows:
| (i) |
not more than three members from the Utah Board of Higher Education; and |
| (ii) |
at least four public members, each of whom possesses skills in one or more of the following:
| (G) |
financial operations; and |
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| (b) |
designate a member appointed under Subsection (2)(a) as chair. |
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| (3) |
Each board member serves at the pleasure of the Utah Board of Higher Education. |
| (4) |
The board has all powers necessary to carry out and effectuate the purposes, objectives, and provisions of this chapter pertaining to the plan. |
| (5) |
The board shall act as a fiduciary of the plan with:
| (a) |
a duty of care to act solely in the best interest of the plan’s account owners and beneficiaries; |
| (b) |
a duty of loyalty putting the plan’s interest ahead of other interests; and |
| (c) |
a duty to invest with care, skill, prudence, and diligence. |
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| (6) |
The duties, responsibilities, funds, liabilities, and expenses of the board in oversight and governance of the plan shall be maintained separate and apart from the Utah Board of Higher Education’s other duties, responsibilities, funds, liabilities, and expenses. |
| (7) |
The board shall:
| (a) |
make policies governing the administration of the plan; and |
| (b) |
amend policies related to board governance. |
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| (8) |
| (a) |
The board may appoint advisory committees to aid the board in fulfilling its duties and responsibilities. |
| (b) |
An advisory committee member may receive compensation and be reimbursed for reasonable expenses incurred in the performance of the member’s official duties as determined by the board. |
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| (9) |
The board may appoint a board of directors known as the Board of Directors of the Utah Education Savings Plan to carry out the obligation of separation of functions required under Subsection (6). |
| (10) |
If the board creates a board of directors under Subsection (9):
| (a) |
the board of directors shall consist of at least five members; and |
| (b) |
no more than two-thirds of the members of the board of directors may simultaneously serve as a member of the board. |
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Amended by Chapter 374, 2023 General Session
