49-11-103. Purpose — Liberal construction.
| (1) |
The purpose of this title is to establish:
Terms Used In Utah Code 49-11-103- Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
- Fiduciary: A trustee, executor, or administrator.
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- Plan: means the Utah Governors' and Legislators' Retirement Plan created by Chapter 19, Utah Governors' and Legislators' Retirement Act, the New Public Employees' Tier II Defined Contribution Plan created by 4, the New Public Safety and Firefighter Tier II Defined Contribution Plan created by 4, or the defined contribution plans created under Section 49-11-801. See Utah Code 49-11-102
- Retirement: means the status of an individual who has become eligible, applies for, and is entitled to receive an allowance under this title. See Utah Code 49-11-102
- System: means the individual retirement systems created by Chapter 12, Public Employees' Contributory Retirement Act, Chapter 13, Public Employees' Noncontributory Retirement Act, Chapter 14, Public Safety Contributory Retirement Act, Chapter 15, Public Safety Noncontributory Retirement Act, Chapter 16, Firefighters' Retirement Act, Chapter 17, Judges' Contributory Retirement Act, Chapter 18, Judges' Noncontributory Retirement Act, and Chapter 19, Utah Governors' and Legislators' Retirement Act, the defined benefit portion of the Tier II Hybrid Retirement System under 3, and the defined benefit portion of the Tier II Hybrid Retirement System under 3. See Utah Code 49-11-102
| (a) |
retirement systems and the Utah Governors’ and Legislators’ Retirement Plan for members which provide:
| (i) |
a uniform system of membership; |
| (ii) |
retirement requirements; |
| (iii) |
benefits for members; |
| (iv) |
funding on an actuarially sound basis; |
| (vi) |
economy and efficiency in public service; and |
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| (b) |
a central administrative office and a board to administer the various systems, plans, and programs established by the Legislature or the board. |
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| (2) |
This title shall be liberally construed to provide maximum benefits and protections consistent with sound fiduciary and actuarial principles. |
Amended by Chapter 10, 2018 General Session
