Utah Code 67-19d-201.5. Elected Official Post-Retirement Benefits Trust Fund — Creation — Oversight — Dissolution
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(1) There is created the “Elected Official Post-Retirement Benefits Trust Fund.”
Terms Used In Utah Code 67-19d-201.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board: means the board of trustees created in Section
67-19d-202 . See Utah Code 67-19d-102 - Income: means the revenues received by the state treasurer from investments of the trust fund principal. See Utah Code 67-19d-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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 State Post-Retirement Benefits Trust Fund created by Section
67-19d-201 . See Utah Code 67-19d-102
(2) The Elected Official Post-Retirement Benefits Trust Fund consists of:
(2)(a) appropriations made to the fund by the Legislature for the purpose of funding the post-retirement benefits in Section 49-20-404 ;
(2)(b) revenues received by the state treasurer from the investment of the Elected Official Post-Retirement Benefits Trust Fund; and
(2)(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.
(4)
(4)(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 .
(4)(b)
(4)(b)(i) The Elected Official Post-Retirement Benefits Trust Fund shall earn interest.
(4)(b)(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.
(4)(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:
(5)(a) the employer portion of the cost of the program established in Section 49-20-404 ; and
(5)(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:
(6)(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
(6)(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.