(1) Effective July 1, 2009, the state deferred compensation committee established pursuant to section 24-52-102, as said section existed prior to its repeal in 2009, shall be abolished, and the board shall assume the administration of and fiduciary responsibility for the state deferred compensation plan previously administered under part 1 of article 52 of title 24, as said part existed prior to its repeal in 2009. The board shall have the authority to set the terms and conditions of the deferred compensation plan.
The board shall establish, as set forth in section 24-51-208 (1)(j), a deferred compensation plan trust fund, referred to in this part 16 as the "trust fund", to hold the assets of the deferred compensation plan.
The trust fund shall be established under section 24-51-208 (1)(j), effective upontransfer of assets of the deferred compensation plan to the trust fund. The board shall be trustee of the trust fund. No part of the assets and income of the trust fund shall be used for or diverted to purposes other than for the exclusive benefit of participants and their beneficiaries prior to the satisfaction of liabilities with respect to participants and their beneficiaries.
The department of personnel created in section 24-1-128 shall provide for the orderlytransfer of all records pertaining to the state deferred compensation plan and the state defined contribution match plan and shall take any other action necessary for the board to assume its duties under this part 16.
Source: L. 2009: Entire part added, (SB 09-066), ch. 73, p. 258, § 22, effective March 31.