Utah Code 49-11-204. Powers and duties of executive director
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The executive director shall:
(1) act as the executive officer of the board and the office;
Terms Used In Utah Code 49-11-204
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
- Contributions: means the total amount paid by the participating employer and the member into a system or to the Utah Governors' and Legislators' Retirement Plan under Chapter 19, Utah Governors' and Legislators' Retirement Act. See Utah Code 49-11-102
- Employer: means any department, educational institution, or political subdivision of the state eligible to participate in a government-sponsored retirement system under federal law. See Utah Code 49-11-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- Plan: means the Utah Governors' and Legislators' Retirement Plan created by Chapter 19, Utah Governors' and Legislators' Retirement Act, the New Public Employees' Tier II Defined Contribution Plan created by Chapter 22, Part 4, Tier II Defined Contribution Plan, the New Public Safety and Firefighter Tier II Defined Contribution Plan created by Chapter 23, Part 4, Tier II Defined Contribution Plan, or the defined contribution plans created under Section 49-11-801. See Utah Code 49-11-102
- Program: means the Public Employees' Insurance Program created under Chapter 20, Public Employees' Benefit and Insurance Program Act, or the Public Employees' Long-Term Disability program created under Chapter 21, Public Employees' Long-Term Disability Act. See Utah Code 49-11-102
- System: means the individual retirement systems created by Chapter 12, Public Employees' Contributory Retirement Act, Chapter 13, Public Employees' Noncontributory Retirement Act, Chapter 14, Public Safety Contributory Retirement Act, Chapter 15, Public Safety Noncontributory Retirement Act, Chapter 16, Firefighters' Retirement Act, Chapter 17, Judges' Contributory Retirement Act, Chapter 18, Judges' Noncontributory Retirement Act, and Chapter 19, Utah Governors' and Legislators' Retirement Act, the defined benefit portion of the Tier II Hybrid Retirement System under Chapter 22, Part 3, Tier II Hybrid Retirement System, and the defined benefit portion of the Tier II Hybrid Retirement System under Chapter 23, Part 3, Tier II Hybrid Retirement System. See Utah Code 49-11-102
(2) administer the various systems, plans, programs, and functions assigned to the board or office;
(3) subject to board review, develop and implement internal policies and procedures which administer and govern the day-to-day operations of the systems, plans, and programs;
(4) transmit orders of a hearing officer made under Section 49-11-613 to the board;
(5) provide information concerning the operation of the office to the board, the governor, the Legislature, participating employers, and employer and employee associations, unless otherwise restricted under Section 49-11-618;
(6) inform the Legislature of any recommendations from the board regarding any necessary or desirable changes to this title;
(7) consult with the Legislature on all legislation under this title;
(8)
(8)(a) recommend to the board an annual administrative budget covering the operations of the office and, upon approval, submit the budget along with the actuarial status of the funds to the governor and the Legislature for review and comment; and
(8)(b) direct and control the subsequent expenditures of the budget;
(9) employ, within the limitations of the budget, personnel to administer the systems, plans, programs, and funds assigned to the office, including consultants, actuaries, attorneys, medical examiners, investment counselors, and accountants to accomplish the purposes of this title;
(10) establish independent financial records for each of the systems, plans, and programs or combine all financial records using acceptable principles of accounting to identify the assets and vested interests of each system, plan, or program;
(11) maintain individual records necessary to provide benefits under this title;
(12) keep in convenient form all records, accounts, and data necessary for the administration and actuarial valuation of the systems, plans, and programs;
(13) adopt fees, charges, and upon the recommendation of the actuary, interest rates and tables for the administration of the systems, plans, and programs;
(14) make payment of all monthly allowances and any defined contribution distributions, and may consolidate payments at the sole discretion of the executive director;
(15) ensure that the integrity of the various funds is maintained through appropriate accounting records;
(16) at least every three years:
(16)(a) make an actuarial investigation into the mortality, service, and other experience of the members, participants, beneficiaries, and covered individuals of the systems, plans, and programs;
(16)(b) actuarially value the assets and liabilities of the administered funds and accounts; and
(16)(c) determine the rate of interest being earned by the funds;
(17) report to the board findings under Subsection (16), with recommendations, including proposed changes in the rates of contribution or benefits that are necessary to maintain the actuarial soundness of the systems, plans, or programs;
(18) regulate participating employers by:
(18)(a) educating them on their duties imposed by this title;
(18)(b) specifying the time, place, and manner in which contributions shall be withheld and paid; and
(18)(c) requiring any reports necessary for the administration of this title; and
(19) otherwise exercise the powers and perform the duties conferred on the executive director by this title.