§ 67-19f-201. Trust fund -- Creation -- Oversight -- Dissolution. (Effective 5/13/2014)

(1) There is created a trust fund entitled the "State Employees' Annual Leave Program II Trust Fund."

(2) The trust fund consists of:

(a) ongoing revenue provided from a state agency set aside for accrued annual leave II required under Section 67-19-14.6;

(b) appropriations made to the trust fund by the Legislature, if any;

(c) income; and

(d) revenue received from other sources.

(3) The Division of Finance shall account for the receipt and expenditures of trust fund money.

(4)

(a) The state treasurer shall invest trust fund money by following the procedures and requirements of Part 3, Investment of Trust Funds.

(b)

(i) The trust fund shall earn interest.

(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:

(a) reimbursement to the employer of the costs paid to the trust fund in accordance with Section 67-19-14.6 as annual leave II is used by an employee; and

(b) 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:

(a) money deposited into the trust fund is expended only for the costs of annual leave II, including any allotted benefits under Subsection 67-19-14.6(4); and

(b) assets of the trust fund are dedicated to providing annual leave II established by statute and rule.

Enacted by Chapter 437, 2014 General Session