67-19d-202 - Board of trustees of the State Post-Retirement Benefits Trust Fund. - Utah Statutes

67-19d-202. Board of trustees of the State Post-Retirement Benefits Trust Fund.
(1) (a) There is created a board of trustees of the State Post-Retirement Benefits TrustFund composed of three members:
(i) the state treasurer;
(ii) the director of the Division of Finance; and
(iii) the director of the Governor's Office of Planning and Budget.
(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, butmay receive per diem and travel expenses in accordance with:
(i) Section 63A-3-106;
(ii) Section 63A-3-107; and
(iii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and63A-3-107.
(e) (i) Except as provided in Subsection (1)(e)(ii), the state treasurer shall staff the boardof trustees.
(ii) The Division of Finance shall provide accounting services for the trust fund.
(2) The board shall:
(a) on behalf of the state, act as trustee of the trust fund and exercise the state's fiduciaryresponsibilities;
(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 trust fund budget;
(e) review financial records of the trust fund, including trust fund receipts, expenditures,and investments;
(f) commission and obtain actuarial studies of the trust fund liabilities;
(g) 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
(h) do any other things necessary to perform the state's fiduciary obligations under thetrust fund.
(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, eachmeeting of the board of trustees.

Amended by Chapter 286, 2010 General Session