2005 Idaho Code - 59-1312 — SELECTION OF FUNDING AGENT(S) -- INVESTMENT OF ASSETS -- TAX EXEMPTION

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 13
                      PUBLIC EMPLOYEES RETIREMENT SYSTEM
    59-1312.  SELECTION OF FUNDING AGENT(S) -- INVESTMENT OF ASSETS -- TAX
EXEMPTION. (1) The board shall select the funding agent(s) and establish a
medium for funding, which may be a self-administration pension trust fund or a
group annuity contract, or combination thereof. The contract shall authorize
the funding agent(s) to hold and, subject to the provisions of subsections (2)
and (3) of this section, to invest moneys for the system and to provide the
retirement benefits and death benefits for retired members granted by this
chapter.
    (2)  The board is authorized to select investment managers registered with
the Securities and Exchange Commission to invest, reinvest and otherwise
manage, subject to the restrictions outlined in subsection (3) of this
section, such portions of the assets of the fund as are assigned by the board
and are held by a funding agent(s) designated by the board.
    (3)  The funding agent(s) and investment managers, in acquiring,
investing, reinvesting, exchanging, retaining, selling and managing the moneys
and properties of the system, shall be governed by the Uniform Prudent
Investor Act, chapter 5, title 68, Idaho Code; provided, however, that the
board is hereby authorized and empowered, in its sole discretion, to limit,
control and  designate the types, kinds and amounts of such investments. The
funding agent(s) will not be required to segregate moneys applicable to
individual employees or employers, but shall only be responsible for the
aggregate of such moneys as are received by it.
    (4)  All contributions paid to the funding agent(s) shall be construed as
being exempt from premium taxes payable pursuant to section  41-402, Idaho
Code.