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Idaho Statutes Title 1. Courts and Court Officials § 1-2008. Investment of judges' retirement fund

Current as of January 01, 2024 | Updated by Findlaw Staff

<Text of section effective upon notification of IRS ruling that judges’ retirement plan is a “qualified plan”. See, also, section effective until such modificatory is received.>

(1) The retirement board shall select and contract with investment managers registered with the securities and exchange commission to manage the investment of the judges' retirement fund. The investment managers shall, subject to the direction of the board, exert control over the funds as though the investment managers were the owners thereof and are hereby authorized to invest the judges' retirement fund as hereinafter provided.

(a) The retirement board shall formulate an investment policy governing the investment of judges' retirement funds. The policy shall pertain to the types, kinds or nature of investment of any of the funds, and any limitations, conditions or restrictions upon the methods, practices or procedures for investment, reinvestments, purchases, sales or exchange transactions.

(b) In acquiring, investing, reinvesting, exchanging, retaining, selling and managing the moneys and securities of the fund, investment managers shall also be governed by the prudent man investment act, sections 68-501 through 68-506, Idaho Code; provided, however, that the retirement board may in its sole discretion, limit the types, kinds and amounts of such investments.

(c) The retirement board shall adopt the actuarial tables and assumptions in use by the judges' retirement fund and may change the same in its sole discretion at any time.

(2) The retirement board is hereby authorized to select and contract with a bank or trust company authorized to do business in the state of Idaho, to act as custodian of the judges' retirement fund, who shall hold all securities and moneys of the judges' retirement fund and shall collect the principal, dividends and interest thereof when due and pay the same into the judges' retirement fund.

(3) The state treasurer shall pay all warrants drawn on the judges' retirement fund for making such investments when issued pursuant to vouchers approved by the retirement board.

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Cite this article: FindLaw.com - Idaho Statutes Title 1. Courts and Court Officials § 1-2008. Investment of judges' retirement fund - last updated January 01, 2024 | https://codes.findlaw.com/id/title-1-courts-and-court-officials/id-st-sect-1-2008-nr2/

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