(1) (a) There is created a board of trustees of the State Employees' Annual Leave Trust Fund composed of the following three members: (i) the state treasurer or the state treasurer's designee; (ii) the director of the Division of Finance or the director's designee; and (iii) the executive director of the Governor's Office of Planning and Budget or the executive director's designee. (b) The state treasurer is chair of the board. (c) Three members of the board is a quorum. (d) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses as allowed in: (i) Section 63A-3-106; (ii) Section 63A-3-107; and (iii) rules made by the Division of Finance according to Sections 63A-3-106 and 63A-3-107. (e) (i) Except as provided in Subsection (1)(e)(ii), the state treasurer shall staff the board of trustees. (ii) The Division of Finance shall provide accounting services for the trust fund. (2) The board shall: (a) on behalf of the state, act as trustee of the trust fund created under Section 67-19f-201 and exercise the state's fiduciary responsibilities; (b) meet at least twice per year; (c) review and approve the policies, projections, rules, criteria, procedures, forms, standards, performance goals, and actuarial reports for the trust fund; (d) review and approve the budget for the trust fund; (e) review financial records for the trust fund, including trust fund receipts, expenditures, and investments; and (f) do any other things necessary to perform the state's fiduciary obligations under the trust fund. (3) The board may: (a) commission and obtain actuarial studies of the liabilities for the trust fund; and (b) for purposes of the trust fund, establish labor additive rates to charge for the administrative expenses of the trust fund. (4) The attorney general shall: (a) act as legal counsel and provide legal representation to the board of trustees; and (b) attend, or direct an attorney from the Office of the Attorney General to attend, each meeting of the board of trustees.
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