1. (1)

   1. (a) There is created a board of trustees of the State Post-Retirement Benefits Trust Fund and the Elected Official Post-Retirement Benefits Trust Fund composed of three members:

      1. (i) the state treasurer or designee;
      2. (ii) the director of the Division of Finance or designee; and
      3. (iii) the executive director of the Governor's Office of Planning and Budget or designee.
   2. (b) The state treasurer is chair of the board.
   3. (c) Three members of the board are a quorum.

   4. (d) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:

      1. (i) Section 63A-3-106;
      2. (ii) Section 63A-3-107; and
      3. (iii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.

   5. (e)

      1. (i) Except as provided in Subsection (1)(e)(ii), the state treasurer shall staff the board of trustees.
      2. (ii) The Division of Finance shall provide accounting services for the trust fund.

2. (2) The board shall:

   1. (a) on behalf of the state, act as trustee of the State Post-Retirement Benefits Trust Fund created under Section 67-19d-201 and the Elected Official Post-Retirement Benefits Trust Fund created under Section 67-19d-201.5 and exercise the state's fiduciary responsibilities;
   2. (b) meet at least twice per year;
   3. (c) review and approve all policies, projections, rules, criteria, procedures, forms, standards, performance goals, and actuarial reports;
   4. (d) review and approve the budget for each trust fund described under Subsection (2)(a);
   5. (e) review financial records for each trust fund described under Subsection (2)(a), including trust fund receipts, expenditures, and investments;
   6. (f) commission and obtain actuarial studies of the liabilities for each trust fund described under Subsection (2)(a);

   7. (g) for purposes of the State Post-Retirement Benefits Trust Fund, establish labor additive rates to charge all federal, state, and other programs to cover:

      1. (i) the annual required contribution as determined by actuary; and
      2. (ii) the administrative expenses of the trust fund; and
   8. (h) do any other things necessary to perform the state's fiduciary obligations under each trust fund described under Subsection (2)(a).

3. (3) The attorney general shall:

   1. (a) act as legal counsel and provide legal representation to the board of trustees; and
   2. (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