(1) There is created a trust fund entitled the "State Employees' Annual Leave Trust Fund."

(2) The trust fund consists of: (a) ongoing revenue provided from a state agency set aside for accrued annual leave II required under Section 67-19-14.6; (b) appropriations made to the trust fund by the Legislature, if any; (c) transfers from the termination pool described in Subsection 67-19-14.6(6) made by the Division of Finance to the trust fund for annual leave liabilities accrued before the change date established under Section 67-19-14.6; (d) income; and (e) revenue received from other sources.

(a) ongoing revenue provided from a state agency set aside for accrued annual leave II required under Section 67-19-14.6;

(b) appropriations made to the trust fund by the Legislature, if any;

(c) transfers from the termination pool described in Subsection 67-19-14.6(6) made by the Division of Finance to the trust fund for annual leave liabilities accrued before the change date established under Section 67-19-14.6;

(d) income; and

(e) revenue received from other sources.

(3) (a) The Division of Finance shall account for the receipt and expenditures of trust fund money. (b) The Division of Finance shall make the necessary adjustments to the amount of set aside costs required under Subsection 67-19-14.6(4)(a) to provide that upon the trust fund's accrual of funding equal to 10% of the annual leave liability, year-end trust fund balances remain equal to at least 10% of the total state employee annual leave liability.

(a) The Division of Finance shall account for the receipt and expenditures of trust fund money.

(b) The Division of Finance shall make the necessary adjustments to the amount of set aside costs required under Subsection 67-19-14.6(4)(a) to provide that upon the trust fund's accrual of funding equal to 10% of the annual leave liability, year-end trust fund balances remain equal to at least 10% of the total state employee annual leave liability.

(4) (a) The state treasurer shall invest trust fund money by following the procedures and requirements of Part 3, Investment of Trust Funds. (b) (i) The trust fund shall earn interest. (ii) The state treasurer shall deposit all interest or other income earned from investment of the trust fund back into the trust fund.

(a) The state treasurer shall invest trust fund money by following the procedures and requirements of Part 3, Investment of Trust Funds.

(b) (i) The trust fund shall earn interest. (ii) The state treasurer shall deposit all interest or other income earned from investment of the trust fund back into the trust fund.

(i) The trust fund shall earn interest.

(ii) The state treasurer shall deposit all interest or other income earned from investment of the trust fund back into the trust fund.

(5) The board of trustees created in Section 67-19f-202 may expend money from the trust fund for: (a) reimbursement to the employer of the costs paid to the trust fund in accordance with Section 67-19-14.6 as annual leave II is used by an employee; (b) payments based on accrued annual leave and on accrued annual leave II that are made upon termination of an employee; and (c) reasonable administrative costs that the board of trustees incurs in performing its duties as trustee of the trust fund.

(a) reimbursement to the employer of the costs paid to the trust fund in accordance with Section 67-19-14.6 as annual leave II is used by an employee;

(b) payments based on accrued annual leave and on accrued annual leave II that are made upon termination of an employee; and

(c) reasonable administrative costs that the board of trustees incurs in performing its duties as trustee of the trust fund.

(6) The board of trustees shall ensure that: (a) money deposited into the trust fund is irrevocable and is expended only for the costs described in Subsection (5); and (b) assets of the trust fund are dedicated to providing annual leave and annual leave II established by statute and rule.

(a) money deposited into the trust fund is irrevocable and is expended only for the costs described in Subsection (5); and

(b) assets of the trust fund are dedicated to providing annual leave and annual leave II established by statute and rule.

(7) A creditor of the board of trustees or a state agency liable for annual leave benefits may not seize, attach, or otherwise obtain assets of the trust fund.