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Senate clears bill to shield parts of Utah Education Savings Plan from public disclosure
Summary
Senators approved SB145 to modernize the Utah Educational Savings Plan's governance and create limited exemptions from public-records and open-meetings rules for proprietary investment information; the measure requires posting of administrative expenses on the transparency site and was moved to third reading and passed.
The Utah Senate advanced and passed Senate Bill 145, which revises governance and disclosure rules for the Utah Educational Savings Plan (UASP), including targeted exemptions from GRAMA (the state's Government Records Access and Management Act) and portions of the Open Meetings Act to protect proprietary investment information.
Senator Niederhauser, the sponsor, described administrative changes and said the UASP has grown substantially: "the UASP or Utah Education Savings Plan has now reached $4,000,000,000 in managed assets," which, he said, has created pressure to protect certain investment and strategic information from competitors. The bill also allows the plan to provide information in languages other than English and authorizes advisory committees.
Senators asked how the proposal interacts with the State Money Management Act and requested counsel; the sponsor agreed to provide additional details before third reading. To address transparency concerns, an amendment requires that the plan post general and administrative expenses and payroll on the state's transparency website even if other proprietary items are exempted from GRAMA. The bill passed on a 25-0 roll call and was placed on the third-reading calendar.
