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

(1) The endowment fund investment board established in section 57-718, Idaho Code, shall at the direction of the supreme court select and contract with investment managers 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 owner thereof and are hereby authorized to invest the judges' retirement fund as hereinafter provided.

(a) Subject to the approval of the supreme court, the investment 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, provided such policy shall not conflict with nor be in derogation of any Idaho constitutional provision or of the provisions of this chapter. Provided further, the supreme court may, in its sole discretion, limit any of the investments permitted by the investment policy.

(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 supreme court may in its sole discretion, limit the types, kinds and amounts of such investments.

(2) The investment board shall be responsible for assuring that the investment managers comply with this section.

(3) The investment board, subject to the approval of the supreme court, 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.

(4) The state treasurer shall pay all warrants drawn on the judges' retirement fund for making such investments when issued pursuant to vouchers signed by the chief justice of the supreme court.

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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/

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