§ 53D-1-401. Appointment of director -- Qualifications -- Nature of employment -- Removal by State Board of Education petition. (Effective 7/1/2014)

(1) The office shall be managed by a director.

(2) On or before January 25, 2015, the board shall appoint an individual as director.

(3) The board shall ensure that an individual appointed as director possesses:

(a) outstanding professional qualifications pertinent to the prudent investment of trust fund money; and

(b) expertise in institutional investment management.

(4) The director is an at-will employee who may be removed by the board at any time with or without cause.

(5)

(a) The State Board of Education may submit a written petition to the board requesting the board to remove the director for cause, explained in the petition.

(b) The board shall hold a hearing on a petition under Subsection (5)(a) within 45 days after receiving the petition.

(c) If, after holding a hearing, the board finds by a preponderance of the evidence that there is cause for removing the director, the board shall remove the director.

Enacted by Chapter 426, 2014 General Session