2005 Idaho Code - 59-1311 — PUBLIC EMPLOYEE RETIREMENT FUND CREATED -- ADMINISTRATION -- PAYMENT OF BENEFITS -- PERPETUAL APPROPRIATION

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 13
                      PUBLIC EMPLOYEES RETIREMENT SYSTEM
    59-1311.  PUBLIC EMPLOYEE RETIREMENT FUND CREATED -- ADMINISTRATION --
PAYMENT OF BENEFITS -- PERPETUAL APPROPRIATION. (1) There is hereby
established in the state treasury a special fund, the "Public Employee
Retirement Fund," which shall be separate and apart from all public moneys or
funds of this state, and shall be administered under the direction of the
board exclusively for the purposes of this chapter. The state treasurer shall
maintain within the fund a clearing account, a portfolio investment expense
account and an administration account.
    (2)  All contributions received from employers by the board on their
account and on account of members shall be deposited with a funding agent
designated by the board. All such funds are hereby perpetually appropriated to
the board, and shall not be included in the department's administration
account budget and shall be invested or used to pay for investment related
expenses.
    (3)  As needed to pay current obligations, the board shall transfer funds
from the funding agent to the state treasurer's office for deposit into the
administration account. All funds deposited in the administration account
shall be available to the board for the payment of administrative expenses
only to the extent so appropriated by the legislature.
    (4)  As required by the board, the funding agent shall transfer funds to
the state treasurer's office for deposit into the portfolio investment expense
account for payment of investment expenses. The funds deposited in the
portfolio investment  expense account shall be used for payment of investments
and investment related expenses. Such expenses shall include but not be
limited to:
    (a)  Reporting services;
    (b)  Investment advisory services;
    (c)  Funding agent fees and money management fees; and
    (d)  Investment staff expenses including hiring of investment management
    personnel.
Investment management personnel shall be exempt from the provisions of chapter
53, title 67 and section 67-3519, Idaho Code, and shall be hired by and serve
at the pleasure of the board. All expenses of the portfolio investment expense
account shall be reported on a quarterly basis to the legislature and to the
division of financial management in the office of the governor.
    (5)  As required by the board, the funding agent shall transfer funds to
the state treasurer's office for deposit into the clearing account. All
benefits for members shall be payable directly from the clearing account or by
the funding agent as they come due. If the amount of such benefits payable at
any time exceeds the amount in the clearing account, the payment of all or
part of such benefits may be postponed until the clearing account becomes
adequate to meet all such payments, or the board may require a refund from the
funding agent sufficient to meet all such payments.
    (6)  Moneys representing member entitlements which remain unclaimed after
reasonable attempts to effect payment shall remain in the retirement fund
available for payment to the member or other established rightful payee.