Definitions -- Local government other post-employment benefits trust fund -- Investments -- State treasurer duties.

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  • (1) As used in this section:
    • (a) "Local Government OPEB Trust Fund" or "Local Government Other Post-Employment Benefits Trust Fund" means money set aside by a local government to fund future payments of benefits, other than pensions, to a former employee who is qualified for the benefits.
    • (b) "Local Government OPEB Trust Fund" does not include money for deposit in the Utah State Retirement Investment Fund created under Section 49-11-301, or money for deposit in the Post-Retirement Benefits Trust Fund created under Section 67-19d-201.
  • (2) All local government OPEB trust fund money in the custody of a local government treasurer shall be established in a separate trust fund in accordance with standards established by the Governmental Accounting Standards Board.
  • (3) Money in a local government OPEB trust fund may be deposited or invested only in the following assets that meet the criteria of Section 51-7-17:
    • (a) a deposit or investment authorized under Section 51-7-11;
    • (b) indexed funds of an open-end diversified management investment company established under the Investment Companies Act of 1940; or
    • (c) indexed funds that are administered by the state treasurer in accordance with Subsection (4).
  • (4) The state treasurer may:
    • (a) develop and offer a variety of asset allocation options for money in a local government OPEB trust fund;
    • (b) review for efficiency, the asset allocation options offered under Subsection (4)(a) as needed; and
    • (c) charge an administrative fee of not more than .005 percent per month of the assets managed for cost incurred in the management of funds within an asset allocation option.




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