Utah Code 67-19f-201. State Employees Annual Leave Trust Fund — Creation — Oversight — Dissolution
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(1) There is created a trust fund entitled the “State Employees’ Annual Leave Trust Fund.”
Terms Used In Utah Code 67-19f-201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board: means the board of trustees created in Section 67-19f-202. See Utah Code 67-19f-102
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Income: means the revenues received by the state treasurer from investments of the trust fund principal. See Utah Code 67-19f-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
- Trust fund: means the State Employees' Annual Leave Trust Fund created in Section 67-19f-201. See Utah Code 67-19f-102
- Trustee: A person or institution holding and administering property in trust.
(2) The trust fund consists of:
(2)(a) ongoing revenue provided from a state agency set aside for accrued annual leave II required under Section 63A-17-510;
(2)(b) appropriations made to the trust fund by the Legislature, if any;
(2)(c) transfers from the termination pool described in Subsection 63A-17-510(6) made by the Division of Finance to the trust fund for annual leave liabilities accrued before the change date established under Section 63A-17-510;
(2)(d) income; and
(2)(e) revenue received from other sources.
(3)
(3)(a) The Division of Finance shall account for the receipt and expenditures of trust fund money.
(3)(b) The Division of Finance shall make the necessary adjustments to the amount of set aside costs required under Subsection 63A-17-510(4)(a) to provide that upon the trust fund’s accrual of funding equal to 10% of the annual leave liability, year-end trust fund balances remain equal to at least 10% of the total state employee annual leave liability.
(4)
(4)(a) The state treasurer shall invest trust fund money by following the procedures and requirements of Part 3, Investment of Trust Funds.
(4)(b)
(4)(b)(i) The trust fund shall earn interest.
(4)(b)(ii) The state treasurer shall deposit all interest or other income earned from investment of the trust fund back into the trust fund.
(5) The board of trustees created in Section 67-19f-202 may expend money from the trust fund for:
(5)(a) reimbursement to the employer of the costs paid to the trust fund in accordance with Section 63A-17-510 as annual leave II is used by an employee;
(5)(b) payments based on accrued annual leave and on accrued annual leave II that are made upon termination of an employee;
(5)(c) refunds for overpayments; and
(5)(d) reasonable administrative costs that the board of trustees incurs in performing its duties as trustee of the trust fund.
(6) The board of trustees shall ensure that:
(6)(a) money deposited into the trust fund is irrevocable and is expended only for the costs described in Subsection (5); and
(6)(b) assets of the trust fund are dedicated to providing annual leave and annual leave II established by statute and rule.
(7) A creditor of the board of trustees or a state agency liable for annual leave benefits may not seize, attach, or otherwise obtain assets of the trust fund.