Effective 7/1/2023
67-19f-201. State Employees Annual Leave Trust Fund — Creation — Oversight — Dissolution.
| (1) |
There is created a trust fund entitled the “State Employees’ Annual Leave Trust Fund.” |
Terms Used In Utah Code 67-19f-201 v2
- 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 67-19f-202. See Utah Code 67-19f-102
- Income: means the revenues received by the state treasurer from investments of the trust fund principal. See Utah Code 67-19f-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Oversight: Committee review of the activities of a Federal agency or program.
- 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
- Statute: A law passed by a legislature.
- Trust fund: means the State Employees' Annual Leave Trust Fund created in Section 67-19f-201. See Utah Code 67-19f-102
- Trustee: A person or institution holding and administering property in trust.
| (2) |
The trust fund consists of:
| (a) |
ongoing revenue provided from a state agency set aside for accrued annual leave II required under Section 63A-17-510; |
| (b) |
appropriations made to the trust fund by the Legislature, if any; |
| (c) |
transfers from the termination pool described in Subsection 63A-17-510(6) made by the Division of Finance to the trust fund for annual leave liabilities accrued before the change date established under Section 63A-17-510; |
| (e) |
revenue received from other sources. |
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| (3) |
| (a) |
The Division of Finance shall account for the receipt and expenditures of trust fund money. |
| (b) |
The Division of Finance shall make the necessary adjustments to the amount of set aside costs required under Subsection 63A-17-510(4)(a) to provide that upon the trust fund’s accrual of funding equal to 10% of the annual leave liability, year-end trust fund balances remain equal to at least 10% of the total state employee annual leave liability. |
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| (4) |
| (a) |
The state treasurer shall invest trust fund money by following the procedures and requirements of 3. |
| (b) |
| (i) |
The trust fund shall earn interest. |
| (ii) |
The state treasurer shall deposit all interest or other income earned from investment of the trust fund back into the trust fund. |
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|
| (5) |
The board of trustees created in Section 67-19f-202 may expend money from the trust fund for:
| (a) |
reimbursement to the employer of the costs paid to the trust fund in accordance with Section 63A-17-510 as annual leave II is used by an employee; |
| (b) |
payments based on accrued annual leave and on accrued annual leave II that are made upon termination of an employee; |
| (c) |
refunds for overpayments; and |
| (d) |
reasonable administrative costs that the board of trustees incurs in performing its duties as trustee of the trust fund. |
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| (6) |
The board of trustees shall ensure that:
| (a) |
money deposited into the trust fund is irrevocable and is expended only for the costs described in Subsection (5); and |
| (b) |
assets of the trust fund are dedicated to providing annual leave and annual leave II established by statute and rule. |
|
| (7) |
A creditor of the board of trustees or a state agency liable for annual leave benefits may not seize, attach, or otherwise obtain assets of the trust fund. |
Amended by Chapter 534, 2023 General Session
