| (1) |
Terms Used In Utah Code 49-11-307- Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
- 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
- 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
- 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
| (a) |
The office shall report the funded status of the Utah State Retirement Investment Fund to the Retirement and Independent Entities Committee created under Section 63E-1-201. |
| (b) |
The report under Subsection (1)(a) shall be made at least annually or as requested by the committee. |
|
| (2) |
| (a) |
If the Utah State Retirement Investment Fund reaches a funded status of 100%, the office shall make a report to that effect. |
| (b) |
The report shall be provided to the governor, the board, the president of the Senate, the speaker of the House of Representatives, and to each member and staff of the Retirement and Independent Entities Committee created under Section 63E-1-201. |
|
| (3) |
Upon receipt of the report under Subsection (2)(b), the committee shall conduct a study on participating employee compensation and benefits to determine the need for adjustments in retirement benefits, salary, and other benefits for the recruitment and retention of a qualified workforce. |
| (4) |
The committee shall report any findings and recommendations to the Legislative Management Committee. |
Enacted by Chapter 266, 2010 General Session
