| (1) |
The state treasurer shall invest and manage the trust fund assets as a prudent investor would, by:
Terms Used In Utah Code 67-19d-302- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
| (a) |
considering the purposes, terms, distribution requirements, and other circumstances of the trust fund; and |
| (b) |
exercising reasonable care, skill, and caution in order to meet the standard of care of a prudent investor. |
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| (2) |
In determining whether or not the state treasurer has met the standard of care of a prudent investor, the judge or finder of fact shall:
| (a) |
consider the state treasurer’s actions in light of the facts and circumstances existing at the time of the investment decision or action, and not by hindsight; and |
| (b) |
evaluate the state treasurer’s investment and management decisions respecting individual assets:
| (i) |
not in isolation, but in the context of a trust fund portfolio as a whole; and |
| (ii) |
as a part of an overall investment strategy that has risk and return objectives reasonably suited to the trust fund. |
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Enacted by Chapter 99, 2007 General Session
