Utah Code 49-22-103. Creation of system

49-22-103. Creation of system.

(1)	There is created for members employed by a participating employer the “New Public Employees’ Tier II Contributory Retirement System.”

defined contribution plan: means any defined contribution plan or deferred compensation plan authorized under the Internal Revenue Code and administered by the board. 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
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 New Public Employees' Tier II Contributory Retirement System created under this chapter. See Utah Code 49-22-102
Tier II: includes :

(i)

the Tier II hybrid system established under:

(A)

3; or

(B)

3; and

(ii)

the Tier II Defined Contribution Plan (Tier II DC Plan) established under:

(A)

4; or

(B)

(2)

The New Public Employees’ Tier II Contributory Retirement System includes:

(a)	the Tier II hybrid retirement system created in 3; and

(b)	the Tier II defined contribution plan created in 4.

(3)	The system may also be known and function as the Public Employees’ Tier 2 Contributory Retirement System, the Tier 2 Hybrid Retirement System, and the Tier 2 Defined Contribution Plan.

Amended by Chapter 31, 2019 General Session