Utah · statute · Utah Code tit. 53D · 34 active provisions
As used in this chapter: (1) "Account" means the School and Institutional Trust Fund Management Account, created in Section 53D-1-203. (2) "Advocacy office" means the School and Institutional Trust Beneficiaries' Advocacy Office, created in Section 53D-2-201. (3) "Advocacy office director" means the director of the Sch…
(1) The office, board, and nominating committee are subject to: (a) Title 52, Chapter 4, Open and Public Meetings Act; and (b) Section 67-3-12. (2) Subject to Subsection 63E-1-304(2), the office may participate in coverage under the Risk Management Fund, created in Section 63A-4-201. (3) The office and board are subjec…
(1) The attorney general shall: (a) represent the board, director, and office in any legal action relating to the trust fund; (b) undertake suits for damages and any other necessary or appropriate relief in the name of the trust fund and the state; and (c) ensure that legal counsel assigned to provide legal counsel to…
(1) The state auditor shall conduct an annual audit of the trust fund money and assets on a fund by fund basis, including: (a) an evaluation of the independent custodial arrangements made for the management and investment of trust fund money and assets; and (b) a verification of the accuracy of the office's report of r…
(1) There is created within state government the School and Institutional Trust Fund Office. (2) The office is an independent state agency within the executive branch and is not a division of any other executive branch department. (3) The office shall manage the trust fund. (4) No later than September 1 of each year, t…
(1) The office shall provide board members and the advocacy office director access to all office records and personnel as necessary for board members and the advocacy office director to fulfill their responsibilities to ensure that the office is in full compliance with applicable law and policies. (2) If the director r…
(1) As used in this section, "trust fund earnings" includes any of the following that is in excess of the trust fund corpus: (a) realized or unrealized gains; (b) interest; (c) dividends; (d) other income; or (e) other sources of revenue. (2) There is created an enterprise fund known as the School and Institutional Tru…
(1) There is created a School and Institutional Trust Fund Board of Trustees. (2) The board consists of: (a) the state treasurer; and (b) four additional members who are appointed by the state treasurer on a nonpartisan basis from a list of at least two qualified candidates per position, nominated by the nominating com…
(1) (a) The state treasurer is the chair of the board. (b) The chair shall faithfully represent the will of the board to the extent the board's will is consistent with state law. (2) (a) The board shall annually select a vice chair from its membership. (b) The vice chair shall act as chair in the absence of the chair.…
(1) The board has broad policymaking authority over the office and the trust fund. (2) (a) The board shall establish policies for the management of: (i) the office, including: (A) an investment management code of conduct and associated compliance policy; (B) a policy for the strategic allocation of trust fund assets; (…
(1) The board shall hold at least four meetings per year to conduct business. (2) The board chair or two board members: (a) may call a board meeting; and (b) if calling a board meeting, shall provide as much advance notice as is reasonable under the circumstances to all board members, the director, and the advocacy off…
(1) A director shall manage the office. (2) If there is a vacancy in the director position, 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 mone…
(1) The director has broad authority to manage the office to fulfill its purposes, consistent with the enabling act, the Utah Constitution, state law, and board policies. (2) The director shall: (a) before assuming the duties of director, take an oath that includes the following: "I solemnly swear to carry out my dutie…
(1) At least annually, the director shall report in person to the Legislative Management Committee, the governor, and the advocacy office, concerning the office's investments, performance, estimated distributions, and other activities. (2) The director shall report to the board concerning the work of the director and t…
(1) There is established a School and Institutional Trust Fund Nominating Committee. (2) The seven-member nominating committee consists of: (a) five members the state treasurer appoints upon recommendation by the advocacy office director including: (i) four individuals with experience in the field of institutional inve…
(1) The nominating committee shall select a chair and vice chair from its members. (2) (a) Four members of the nominating committee constitute a quorum. (b) An action of the nominating committee requires the affirmative vote of at least four members. (3) The nominating committee shall establish bylaws to govern the nom…
(1) The nominating committee shall nominate at least two candidates for each position or vacancy on the board. (2) The nominating committee shall: (a) nominate candidates who meet the criteria stated in Subsection 53D-1-301(3); and (b) consider the character and reputation of candidates the nominating committee nominat…
(1) Board members, the director, and office staff shall act in the best interests of the beneficiaries and comply with the duty of undivided loyalty to the beneficiaries. (2) A person who manages and invests trust fund money or assets shall: (a) manage and invest in good faith and with the care a prudent professional i…
(1) In managing and investing trust fund money and assets, the office: (a) may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the trust fund, and the skills available to the office; and (b) shall make a reasonable effort to verify facts related to the management and inve…
(1) (a) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund. (b) The director shall periodically review the actions of an agent under Subsection (1)(a) in ord…
Compliance with a provision of this part in making a decision or taking an action is determined in light of the facts and circumstances existing at the time a decision is made or an action is taken and not by hindsight.
(1) (a) Subject to Subsection (1)(b), a person aggrieved by a decision or action of the director or office may, in accordance with rules adopted by the board under Section 53D-1-702, petition the board for an administrative review of the decision or action. (b) A person may not petition for review of: (i) a decision wh…
(1) The board shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to govern proceedings on a petition under Section 53D-1-701. (2) Rules under Subsection (1) shall ensure procedural due process in proceedings relating to a petition under Section 53D-1-701.
As used in this chapter: (1) "Advocacy council" means the School and Institutional Trust Beneficiaries' Advocacy Council, created in Section 53D-2-302. (2) "Advocacy director" means the director of the advocacy office, appointed as described in Section 53D-2-302. (3) "Advocacy office" means the School and Institutional…
(1) There is created the School and Institutional Trust Beneficiaries' Advocacy Office with delegated agent authority to: (a) represent the trust beneficiaries by performing the duties set forth in this chapter; and (b) advocate for, monitor, and preserve the trust beneficiaries' rights and interests. (2) Notwithstandi…