Terms Used In Utah Code 49-11-503

• Actuarial interest rate: means the interest rate as recommended by the actuary and adopted by the board upon which the funding of system costs and benefits are computed. See Utah Code 49-11-102
• Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}