| (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:
| (a) |
appropriations made to the fund by the Legislature for the purpose of funding the post-retirement benefits in Section 49-20-404; |
| (b) |
revenues received by the state treasurer from the investment of the Elected Official Post-Retirement Benefits Trust Fund; and |
| (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) |
| (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 3. |
| (b) |
| (i) |
The Elected Official Post-Retirement Benefits Trust Fund shall earn interest. |
| (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. |
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| (5) |
The board of trustees created in Section 67-19d-202 may expend money from the Elected Official Post-Retirement Benefits Trust Fund for:
| (a) |
the employer portion of the cost of the program established in Section 49-20-404; and |
| (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:
| (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 |
| (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. |
Enacted by Chapter 376, 2012 General Session
