Effective 7/1/2021
67-19f-202. Board of trustees of the State Employees’ Annual Leave Trust Fund.
67-19f-202. Board of trustees of the State Employees’ Annual Leave Trust Fund.
- (1)
- (a) There is created a board of trustees of the State Employees’ Annual Leave Trust Fund composed of the following three members:
- (i) the state treasurer or the state treasurer’s designee;
- (ii) the director of the Division of Finance or the director’s designee; and
- (iii) the executive director of the Governor’s Office of Planning and Budget or the executive director’s designee.
- (b) The state treasurer is chair of the board.
- (c) Three members of the board is a quorum.
- (d) A member may not receive compensation or benefits for the member’s service, but may receive per diem and travel expenses as allowed in:
- (i) Section 63A-3-106;
- (ii) Section 63A-3-107; and
- (iii) rules made by the Division of Finance according to Sections 63A-3-106 and 63A-3-107.
- (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.
- (a) There is created a board of trustees of the State Employees’ Annual Leave Trust Fund composed of the following three members:
- (2) The board shall:
- (a) on behalf of the state, act as trustee of the trust fund created under Section 67-19f-201 and exercise the state’s fiduciary responsibilities;
- (b) meet at least twice per year;
- (c) review and approve the policies, projections, rules, criteria, procedures, forms, standards, performance goals, and actuarial reports for the trust fund;
- (d) review and approve the budget for the trust fund;
- (e) review financial records for the trust fund, including trust fund receipts, expenditures, and investments; and
- (f) do any other things necessary to perform the state’s fiduciary obligations under the trust fund.
- (3) The board may:
- (a) commission and obtain actuarial studies of the liabilities for the trust fund; and
- (b) for purposes of the trust fund, establish labor additive rates to charge for the administrative expenses of the trust fund.
- (4) 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.
Amended by Chapter 382, 2021 General Session