Protein phosphatase; involved in downregulation of the unfolded protein response (UPR), at least in part through dephosphorylation of Ire1p; dosage-dependent positive regulator of the G1/S phase transition through control of the timing of START; physically interacts with, dephosphorylates and destabilizes Sic1p; SWAT-GFP and mCherry fusion proteins localize to the vacuole