1. (1) Except as provided in Subsection (2), the following funds are exempt from this chapter:

   1. (a) funds invested in accordance with the participating employees' designation or direction pursuant to a public employees' deferred compensation plan established and operated in compliance with Section 457 of the Internal Revenue Code of 1986, as amended;
   2. (b) funds of the Utah State Retirement Board;
   3. (c) funds of the Utah Housing Corporation;
   4. (d) endowment funds of higher education institutions, including funds of the Higher Education Student Success Endowment, created in Section 53H-8-402;
   5. (e) permanent and other land grant trust funds established pursuant to the Utah Enabling Act and the Utah Constitution;
   6. (f) the State Post-Retirement Benefits Trust Fund;
   7. (g) the funds of the Utah Educational Savings Plan;
   8. (h) funds of the permanent state trust fund created by and operated under Utah Constitution, Article XXII, Section 4;
   9. (i) the funds in the Navajo Trust Fund;
   10. (j) the funds in the Radioactive Waste Perpetual Care and Maintenance Account;
   11. (k) the funds in the Employers' Reinsurance Fund;
   12. (l) the funds in the Uninsured Employers' Fund;
   13. (m) the Utah State Developmental Center Long-Term Sustainability Fund, created in Section 26B-1-331;
   14. (n) the funds in the Risk Management Fund created in Section 63A-4-201;
   15. (o) the Utah fund of funds created in Section 63N-6-401;
   16. (p) the funds deposited into the Utah Homes Investment Program from the Transportation Infrastructure General Fund Support Subfund created in Section 72-2-134;

   17. (q) subject to Subsection 67-4-19(2), the portion of the funds in the following accounts invested by the state treasurer in precious metals:

       1. (i) the State Disaster Recovery Restricted Account, created in Section 53-2a-603;
       2. (ii) the General Fund Budget Reserve Account, created in Section 63J-1-312;
       3. (iii) the Income Tax Fund Budget Reserve Account, created in Section 63J-1-313; and
       4. (iv) the Medicaid Growth Reduction and Budget Stabilization Account, created in Section 63J-1-315;
   18. (r) except as provided in Section 11-13-533, the funds of a public agency insurance mutual as that term is defined in Subsection 31A-1-103(7)(a);
   19. (s) the State Sovereignty Fund created in Section 51-13-201; and
   20. (t) the funds in the Opioid Litigation Proceeds Fund, created in Section 51-9-801.
2. (2) Except for the funds of the Utah State Retirement Board and the Utah Educational Savings Plan, the funds described in Subsection (1) are not exempt from Subsections 51-7-14(2) and (3).
3. (3) Notwithstanding Title 52, Chapter 4, Open and Public Meetings Act, a public body that administers a fund described in Subsection (1) may hold a closed meeting to discuss the sale or purchase of identifiable securities, investment funds, or investment contracts.
4. (4) A paper, electronic, or other depiction or record of information relating to investment activities of a fund described in Subsection (1) is not subject to Title 63G, Chapter 2, Government Records Access and Management Act.

Amended by Chapter 9, 2025 Special Session 1