67-19d-201 - Trust fund -- Creation -- Oversight -- Dissolution.
67-19d-201. Trust fund -- Creation -- Oversight -- Dissolution.
(1) There is created a post-retirement benefits trust fund entitled the "StatePost-Retirement Benefits Trust Fund."
(2) The trust fund consists of:
(a) revenue provided from an ongoing labor additive as defined in Subsection67-19d-202(2)(g);
(b) appropriations made to the fund by the Legislature, if any;
(c) income as defined in Section 67-19d-102; and
(d) other revenues received from other sources.
(3) The Division of Finance shall account for the receipt and expenditures of trust fundmonies.
(4) (a) The state treasurer shall invest trust fund monies by following the procedures andrequirements of Part 3, Trust Fund Investments.
(b) (i) The trust fund shall earn interest.
(ii) The state treasurer shall deposit all interest or other income earned from investmentof the trust fund back into the trust fund.
(5) The board of trustees created in Section 67-19d-202 may expend monies from thetrust fund for:
(a) the employer portion of the costs of the programs established in Sections 67-19-14through 67-19-14.4; and
(b) reasonable administrative costs that the board of trustees incurs in performing theirduties as trustees of the trust fund.
(6) The board of trustees shall ensure that:
(a) monies deposited into the trust fund are irrevocable and are expended only for theemployer portion of the costs of post-retirement benefits;
(b) assets of the trust fund are dedicated to providing benefits to retirees and theirbeneficiaries according to the terms of the post-retirement benefit plans established by statute andrule; and
(c) creditors of the board of trustees and of employers liable for the post-retirementbenefits may not seize, attach, or otherwise obtain assets of the trust fund.
(7) When all of the liabilities for which the trust fund was created are paid, the Divisionof Finance shall transfer any assets remaining in the state trust fund into the appropriate fund.
Enacted by Chapter 99, 2007 General Session