49-11-610. Benefits payable in name of beneficiary — Delivery.
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Terms Used In Utah Code 49-11-610- 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
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: includes a person who:Utah Code 68-3-12.5
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- Participant: means an individual with voluntary deferrals or nonelective contributions on deposit with the defined contribution plans administered under this title. See Utah Code 49-11-102
- Probate: Proving a will
- Writing: includes :Utah Code 68-3-12.5
| (a) |
Any benefits payable to a beneficiary shall be made in the name of and delivered to the beneficiary or the lawfully appointed guardian or conservator of the beneficiary, or delivered as otherwise ordered by a court of competent jurisdiction under Title 75, Utah Uniform Probate Code. |
| (b) |
If the benefit involves a payment not to exceed an amount authorized by the Utah Uniform Probate Code to any one beneficiary, the office may, without the appointment of a guardian or conservator or the giving of a bond, pay the amount due to the beneficiary or to the persons assuming their support. |
| (c) |
The payment shall be in either a lump sum or in monthly amounts. |
| (d) |
The total of the payments made under this section shall fully discharge and release the office from any further claims. |
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| (2) |
A beneficiary who qualifies for a monthly benefit under this section shall apply in writing to the office. |
| (3) |
The allowance shall begin on the first day of the month following the month in which the:
| (a) |
member or participant died, if the application is received by the office within 90 days of the date of death of the member or participant; or |
| (b) |
application is received by the office, if the application is received by the office more than 90 days after the date of death of the member or participant. |
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Amended by Chapter 15, 2014 General Session
