R25-15-3. Determination of Set Aside

  (1) The division may contract with a qualified actuary to help the division determine the expected change in the annual leave liability for a fiscal year.

  (2) As required by generally accepted accounting principles and with consideration of Subsection 67-19-14.6(4), the division will calculate the annual leave liability to include applicable employer paid taxes and other employer paid benefits that would be required if the employee were paid for the annual leave.

  (3) For each fiscal year, if the division expects the annual leave liability to increase, the division, in consultation with the Governor's Office of Management and Budget, will determine a rate for set aside for each applicable subfund of the annual leave trust.

  (4) The division will inform the legislative Fiscal Analyst of the proposed set-aside rates.

  (5) The set-aside rates will be determined as a percentage of gross pay of an employee who is eligible to receive paid leave, which if put into effect, would be expected to generate the amount of the projected increase in the annual leave liability applicable to each subfund of the annual leave trust.

  (6) In accordance with Subsection 67-19-14.6(4)(c) and Subsection 67-19f-201(3)(b), the proposed set-aside rates will also be adjusted or eliminated as applicable if the accrual of funding in a subfund of the annual leave trust is expected to reach 10% of the annual leave liability attributable to the subfund.

  (7) At the beginning of each fiscal year, the division will put into effect the set aside rates authorized by the Legislature for the fiscal year.