67-19d-202. Board of trustees of the State Post-Retirement Benefits Trust Fund and the Elected Official Post-Retirement Benefits Trust Fund.
| (1) |
Terms Used In Utah Code 67-19d-202- board: means the board of trustees created in Section 67-19d-202. See Utah Code 67-19d-102
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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 State Post-Retirement Benefits Trust Fund created by Section 67-19d-201. See Utah Code 67-19d-102
- Trustee: A person or institution holding and administering property in trust.
| (a) |
There is created a board of trustees of the State Post-Retirement Benefits Trust Fund and the Elected Official Post-Retirement Benefits Trust Fund composed of three members:
| (i) |
the state treasurer or designee; |
| (ii) |
the director of the Division of Finance or designee; and |
| (iii) |
the executive director of the Governor’s Office of Planning and Budget or designee. |
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| (b) |
The state treasurer 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:
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| (e) |
| (i) |
Except as provided in Subsection (1)(e)(ii), the state treasurer shall staff the board of trustees. |
| (ii) |
The Division of Finance shall provide accounting services for the trust fund. |
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| (2) |
The board shall:
| (a) |
on behalf of the state, act as trustee of the State Post-Retirement Benefits Trust Fund created under Section 67-19d-201 and the Elected Official Post-Retirement Benefits Trust Fund created under Section 67-19d-201.5 and exercise the state’s fiduciary responsibilities; |
| (b) |
meet at least twice per year; |
| (c) |
review and approve all policies, projections, rules, criteria, procedures, forms, standards, performance goals, and actuarial reports; |
| (d) |
review and approve the budget for each trust fund described under Subsection (2)(a); |
| (e) |
review financial records for each trust fund described under Subsection (2)(a), including trust fund receipts, expenditures, and investments; |
| (f) |
commission and obtain actuarial studies of the liabilities for each trust fund described under Subsection (2)(a); |
| (g) |
for purposes of the State Post-Retirement Benefits Trust Fund, establish labor additive rates to charge all federal, state, and other programs to cover:
| (i) |
the annual required contribution as determined by actuary; and |
| (ii) |
the administrative expenses of the trust fund; and |
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| (h) |
do any other things necessary to perform the state’s fiduciary obligations under each trust fund described under Subsection (2)(a). |
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| (3) |
The attorney general shall:
| (a) |
act as legal counsel and provide legal representation to the board of trustees; and |
| (b) |
attend, or direct an attorney from the Office of the Attorney General to attend, each meeting of the board of trustees. |
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Amended by Chapter 382, 2021 General Session
