(3) The director shall deposit into the account an amount of money from the
trust fund investment revenues equal to the annual appropriation that the
Legislature makes to the office. The office may deduct from income all costs related
to risk management, consulting, equipment, and legal expenses, custodial costs,
management fees, and other costs of operating the office.
3. Page
16, Lines 463 through 465
:
463
{
(5) Before distributing earnings from trust fund assets, the office may
deduct any audit,
464
risk management, consulting, equipment, legal, and custodial costs and management
fees
465
incurred in managing the trust fund assets.
}
The motion passed unanimously.
Spoke for the bill: Tim Donaldson, Utah State Office of Education
Jennifer Johnson, citizen
Sterling Jensen, Wells Capital Management
Kevin Carter, Utah Schools and Institutional Trust Land Administration
Rep. Cunningham, Utah House of Representatives
Margaret Bird, University of Utah, Utah State University
MOTION: Rep. Duckworth moved to pass the bill out favorably. The motion passed
unanimously with Rep. Froerer absent for the vote.
H.B. 426 Retirement Participation Modifications (Rep. D. Ipson)
Rep. Ipson explained the bill.
MOTION: Rep. Last moved to amend the bill as follows:
1. Page
2, Lines 41 through 47
:
41
(1) As used in this section, "withdrawing entity" means an entity that:
42
(a) participates in a system or plan under this title prior to July 1, 2014;
43
(b) provides mental health and substance abuse services for a county under Section
44
17-50-318
;
(c) after beginning participation with a system or plan under this title, has modified
its
46
federal tax status to a nonprofit organization that qualifies under Section 501(c)(3) of the
47
Internal Revenue Code
{
.
}
; and
(d) is not a state institution of higher education as described in Section
53B-2-101.
The motion passed unanimously with Rep. Froerer absent for the vote.
MOTION: Rep. Last moved to amend the bill as follows:
1. Page
1, Lines 14 through 16
:
14
. allows a withdrawing entity to make an election of continued participation or
15
withdrawal in a Utah retirement system or plan for future employees beginning on a
16
date, no later than January 1,
{
2015
}
2017
, determined by the withdrawing
entity;
2. Page
2, Lines 50 through 53
:
50
(a) the withdrawing entity shall determine a date that is no later than January 1,
{
2015
}
2017
,
51
on which the withdrawing entity shall make an election under Subsection (3); and
52
(b) the withdrawing entity shall pay to the office any
reasonable
actuarial and
administrative costs
53
determined by the office to have arisen out of an election made under this section.
3. Page
4, Lines 93 through 95
:
93
(g) an employee who is employed with a withdrawing entity that has elected, prior
to
94
January 1,
{
2015
}
2017
, to exclude new employees from participation in this
system under Subsection
95
49-11-623
(3).
4. Page
6, Lines 166 through 168
:
166
(g) an employee who is employed with a withdrawing entity that has elected, prior
to
167
January 1,
{
2015
}
2017
, to exclude new employees from participation in this
system under Subsection
168
49-11-623
(3).
5. Page
8, Lines 233 through 235
:
233
(e) an employee who is employed with a withdrawing entity that has elected, prior
to
234
January 1,
{
2015
}
2017
, to exclude new employees from participation in this
system under Subsection
235
49-11-623
(3).
The motion passed unanimously with Rep. Froerer absent for the vote.
MOTION: Rep. Nelson moved to pass the bill out favorably. The motion passed
unanimously with Rep. Froerer absent for the vote.
MOTION: Rep. Last moved to place the bill on the Consent Calendar. The motion passed
unanimously with Rep. Froerer absent for the vote.
MOTION: Rep. Nelson moved to adjourn the meeting. The motion passed unanimously with
Rep. Froerer absent for the vote.
Chair Powell adjourned the meeting at 1:53 p.m.
__________________________________
Rep. Kraig Powell, Chair