1     
FUNDS ADMINISTRATION MODIFICATIONS

2     
2024 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Jefferson Moss

5     
Senate Sponsor: Chris H. Wilson

6     

7     LONG TITLE
8     General Description:
9          This bill modifies a provision of the State Money Management Act.
10     Highlighted Provisions:
11          This bill:
12          ▸     provides that a public body that administers certain funds may hold a closed
13     meeting to discuss certain matters; and
14          ▸     excludes certain information from the Government Records Access and
15     Management Act.
16     Money Appropriated in this Bill:
17          None
18     Other Special Clauses:
19          None
20     Utah Code Sections Affected:
21     AMENDS:
22          51-7-2, as last amended by Laws of Utah 2023, Chapters 139, 242 and 328
23     

24     Be it enacted by the Legislature of the state of Utah:
25          Section 1. Section 51-7-2 is amended to read:
26          51-7-2. Exemptions from chapter.
27          (1) Except as provided in Subsection (2), the following funds are exempt from this

28     chapter:
29          (a) funds invested in accordance with the participating employees' designation or
30     direction pursuant to a public employees' deferred compensation plan established and operated
31     in compliance with Section 457 of the Internal Revenue Code of 1986, as amended;
32          (b) funds of the Utah State Retirement Board;
33          (c) funds of the Utah Housing Corporation;
34          (d) endowment funds of higher education institutions, including funds of the Higher
35     Education Student Success Endowment, created in Section 53B-7-802;
36          (e) permanent and other land grant trust funds established pursuant to the Utah
37     Enabling Act and the Utah Constitution;
38          (f) the State Post-Retirement Benefits Trust Fund;
39          (g) the funds of the Utah Educational Savings Plan;
40          (h) funds of the permanent state trust fund created by and operated under Utah
41     Constitution, Article XXII, Section 4;
42          (i) the funds in the Navajo Trust Fund;
43          (j) the funds in the Radioactive Waste Perpetual Care and Maintenance Account;
44          (k) the funds in the Employers' Reinsurance Fund;
45          (l) the funds in the Uninsured Employers' Fund;
46          (m) the Utah State Developmental Center Long-Term Sustainability Fund, created in
47     Section 26B-1-331;
48          (n) the funds in the Risk Management Fund created in Section 63A-4-201; and
49          (o) the Utah fund of funds created in Section 63N-6-401.
50          (2) Except for the funds of the Utah State Retirement Board and the Utah Educational
51     Savings Plan, the funds described in Subsection (1) are not exempt from Subsections
52     51-7-14(2) and (3).
53          (3) Notwithstanding Title 52, Chapter 4, Open and Public Meetings Act, a public body
54     that administers a fund described in Subsection (1) may hold a closed meeting to discuss the
55     sale or purchase of identifiable securities, investment funds, or investment contracts.
56          (4) A paper, electronic, or other depiction or record of information relating to
57     investment activities of a fund described in Subsection (1) is not subject to Title 63G, Chapter
58     2, Government Records Access and Management Act.

59          Section 2. Effective date.
60          This bill takes effect on May 1, 2024.