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.

History:

[(59-1312) 1963, ch. 349, Art. 8, sec. 3, p. 988; am. 1965, ch. 265, sec. 4, p. 682; am. 1986, ch. 147, sec. 5, p. 415; 1990, am. and redesignated, ch. 231, sec. 10, p. 623; am. 1997, ch. 14, sec. 5, p. 18.]