(1) |
There is established the Utah State Retirement Board composed of seven board members determined as follows:
Terms Used In Utah Code 49-11-202- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
- Board member: means a person serving on the Utah State Retirement Board as established under Section 49-11-202. See Utah Code 49-11-102
- Employer: means any department, educational institution, or political subdivision of the state eligible to participate in a government-sponsored retirement system under federal law. See Utah Code 49-11-102
- 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
- Quorum: The number of legislators that must be present to do business.
- 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
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- 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) |
Four board members, with experience in investments or banking, shall be appointed by the governor from the general public. |
(b) |
One board member shall be a school employee appointed by the governor from at least three nominations submitted by the governing board of the school employees’ association that is representative of a majority of the school employees who are members of a system administered by the board. |
(c) |
One board member shall be a public employee appointed by the governor from at least three nominations submitted by the governing board of the public employee association that is representative of a majority of the public employees who are members of a system administered by the board. |
(d) |
One board member shall be the state treasurer. |
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