Title 49 Chapter 11

Title 49Utah State Retirement and Insurance Benefit Act (Download: PDF | RTF | WordPerfect) (Download Future Chapters: PDF | RTF | WordPerfect)
Chapter 11Utah State Retirement Systems Administration (Download: PDF | RTF | WordPerfect)
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Section 101 Title.
Section 102 Definitions.
Section 103 Purpose -- Liberal construction.
Section 201 Establishment of retirement office -- An independent state agency -- Office exemption.
Section 202 Establishment of Utah State Retirement Board -- Quorum -- Terms -- Officers -- Expenses and per diem -- Membership Council established.
Section 203 Powers and duties of board.
Section 204 Powers and duties of executive director.
Section 301 Creation -- Board to act as trustees of the fund -- Commingling and pooling of funds -- Interest earnings -- Funded ratio.
Section 302 Board duties with respect to fund.
Section 303 Fund investment standard -- Prudent investor rule.
Section 304 Administrative costs -- Payable from fund.
Section 305 Self-insurance option -- Purchase of liability insurance.
Section 306 Definitions -- Scrutinized companies investment report -- Content -- Reporting -- Exceptions.
Section 307 Report on funded status Study of compensation.
Section 401 Transfer of service credit -- Eligibility for service credit -- Computation of service credit -- Retirement from most recent system.
Section 402 Purchase of military service credit.
Section 403 Purchase of public service credit not otherwise qualifying for benefit.
Section 404 Benefit protection contract authorized -- Annual report required.
Section 405 Service credit from different systems or plans -- Eligibility and calculation of service credit.
Section 406 Governor's appointed executives and senior staff -- Appointed legislative employees -- Transfer of value of accrued defined benefit -- Procedures.
Section 407 Service credit purchases by active employees only.
Section 501 Refunds of member contributions -- Transfers of contributions to defined contribution plan.
Section 502 Redeposits of refunds -- Time period.
Section 503 Rate of interest on redeposits, adjustments, and delinquent payments.
Section 504 Reemployment of a retiree -- Restrictions.
Section 505 Reemployment of a retiree -- Restrictions.
Section 601 Payment of employer contributions -- Penalties for failure to comply -- Adjustments to be made.
Section 602 Participating employer to maintain records -- Time limit -- Penalties for failure to comply.
Section 603 Participating employer to report and certify -- Time limit -- Penalties for failure to comply.
Section 604 Office audits of participating employers -- Penalties for failure to comply.
Section 605 Notification and correction of violations.
Section 606 Full participation.
Section 607 Determination of benefits -- Errors in records or calculations -- Correction of errors by the office.
Section 608 False statements or records -- Unlawfully cashing benefit checks.
Section 609 Beneficiary designations -- Revocation of beneficiary designation -- Procedure -- Beneficiary not designated -- Payment to survivors in order established under the Uniform Probate Code -- Restrictions on payment -- Payment of deceased's expenses.
Section 610 Benefits payable in name of beneficiary -- Delivery.
Section 611 Benefits and money in the fund exempt from taxation -- Exceptions.
Section 612 Domestic relations order benefits -- Nonassignability of benefits or payments -- Exemption from legal process.
Section 613 Appeals procedure -- Right of appeal to hearing officer -- Board reconsideration -- Judicial review.
Section 614 Vesting on termination of system or plan.
Section 615 Election to grandfather -- Applicability of provisions.
Section 616 Benefits information.
Section 617 Original documents.
Section 618 Members and beneficiaries subject to chapter -- Furnishing of information -- Confidentiality of information.
Section 619 Permanent relinquishment of benefit -- Procedure.
Section 620 Closing the retirement account -- Status of retirees and beneficiaries.
Section 621 Change in employer -- Eligibility for retirement.
Section 622 Subsidiaries or other companies owned by independent corporations -- Participation -- Withdrawal.
Section 701 Allowance increase to offset tax liability -- Administration.
Section 801 Defined contribution plans authorized -- Subject to federal and state laws -- Rules to implement this provision -- Costs of administration -- Limitations on eligibility -- Protection of tax status.
Section 802 Permanent relinquishment of defined contribution benefit -- Procedure.
Section 901.5 Premium tax revenues -- Distribution.
Section 902 Premium tax revenues -- Formula -- Deposits.
Section 1001 Partial lump-sum payment option.
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