| (1) |
Terms Used In Utah Code 49-11-619- Beneficiary: means any person entitled to receive a payment under this title through a relationship with or designated by a member, participant, covered individual, or alternate payee of a defined contribution plan. See Utah Code 49-11-102
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fund: means any fund created under this title for the purpose of paying benefits or costs of administering a system, plan, or program. See Utah Code 49-11-102
- Intestate: Dying without leaving a will.
- Member: means a person, except a retiree, with contributions on deposit with a system, the Utah Governors' and Legislators' Retirement Plan under Chapter 19, Utah Governors' and Legislators' Retirement Act, or with a terminated system. See Utah Code 49-11-102
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- Retiree: means an individual who has qualified for an allowance under this title. See Utah Code 49-11-102
| (a) |
Except for defined contribution plans authorized by this title, a member, retiree, or beneficiary may permanently relinquish a benefit under this title by signing an irrevocable written relinquishment. |
| (b) |
If the retiree has designated a beneficiary which is still living, the written relinquishment must be signed by both the retiree and the beneficiary. |
|
| (2) |
The value of the benefit permanently relinquished under Subsection (1) shall remain in the fund from which the benefit was relinquished and shall be used in the calculation of future contribution rates. |
| (4) |
The office is not required to recognize or accept any written relinquishment that jeopardizes the tax qualified status of the systems, plans, or programs or otherwise violates federal law. |
Amended by Chapter 252, 2008 General Session
