Title 49, Title 49: Utah State Retirement and Insurance Benefit Act

49-11-1101. Public financial information disclosure on website -- Exclusions. (1) The office shall provide the following financial information for the public on its website: administrative expense transactions from its general ledger accounting system; and employee compensation i…

49-11-1102. Public notice of administrative board meetings -- Posting on Utah Public Notice Website. (1) The office shall provide advance public notice of meetings and agendas on the Utah Public Notice Website established in Sectionfor administrative board meetings. 63A-16-601 (2…

49-11-1103. Public information requests. The office shall establish, in policy, time limits to respond to public information requests.

49-11-1201. Title. This part is known as the "Postretirement Reemployment Restrictions Act."

49-11-1202. Definitions. As used in this part: (1) "Affiliated emergency services worker" means an individual who: is employed by a participating employer; performs emergency services for another participating employer that is a different agency; is trained in techniques and skil…

49-11-1203. Applicability. (1) This part does not apply to employment as an elected official if the elected official's position is not full time as certified by the participating employer. The provisions of this part apply to an elected official whose elected position is full tim…

49-11-1204. General restrictions -- Election following one-year separation -- Amortization rate. (1) A retiree may not for the same period of reemployment: earn additional service credit; or receive any retirement related contribution from a participating employer; and receive a …

49-11-1205. Postretirement reemployment restriction exceptions. (1) The office may not cancel the retirement allowance of a retiree who is reemployed with a participating employer within one year of the retiree's retirement date if: the retiree is not reemployed by a participatin…

49-11-1206. Notice of postretirement reemployment. (1) A participating employer shall immediately notify the office: if the participating employer reemploys a retiree; whether the reemployment is subject to Sectionor Subsection, (2), (3), or (5); and 49-11-1204 49-11-1205(1) of a…

49-11-1207. Postretirement reemployment -- Violations -- Penalties. (1) If the office receives notice or learns of the reemployment of a retiree in violation of Sectionor, the office shall: 49-11-1204 49-11-1205 immediately cancel the retiree's retirement allowance; keep the reti…

49-11-1208. Rulemaking. The board may make rules to implement this part.

49-11-1209. Reporting requirement. (1) On or before October 1, 2027, and every other interim thereafter, the office shall report to the Retirement and Independent Entities Committee: the number of retirees who are reemployed and receiving a retirement allowance; the number of ret…

49-11-1301. Definitions. As used in this part: (1) "Amortization rate" means the amortization rate, as defined in Section, to be applied to the system that would have covered the retiree if the retiree's part-time position were considered to be an eligible, full-time position wit…

49-11-1302. Phased retirement -- Voluntary participation -- Employer duties. A participating employer may elect to participate in phased retirement for a retiree who has not completed the one-year employment separation requirement under Sectionunder the conditions established und…

49-11-1303. Phased retirement -- Eligibility -- Restrictions -- Amortization rate -- Public safety service or firefighter service employees. (1) A retiree is eligible for employment with only one position for only one participating employer under phased retirement following the r…

49-11-1304. Phased retirement agreements. (1) The participating employer and a willing and eligible retiree shall enter into a written agreement to participate in phased retirement. (2) The agreement shall specify the period of the phased retirement and, at the discretion of the …

49-11-1305. Reporting -- Penalties. (1) A participating employer shall, within five business days, notify the office if the participating employer enters a phased retirement agreement with a retiree. A participating employer shall report to the office any change in status of the …

49-11-1306. Reset of one year separation. If a retiree is employed under a phased retirement agreement under this part, the termination date of the phased retirement employment, as confirmed in writing by the participating employer, is considered the retiree's retirement date for…

49-11-1307. Phased retirement -- Adjustments or termination. (1) The Legislature may make adjustments to or terminate the phased retirement option created under this part, including: amending phased retirement eligibility, restrictions, scope, or duration provisions; closing phas…

49-11-1308. Rulemaking. The board may make rules to implement this part.

49-11-1401. Forfeiture of retirement benefits for employees for employment related offense convictions -- Notifications -- Investigations -- Appeals. (1) As used in this section: "Convicted" means a conviction by plea or by verdict, including a plea of guilty or a plea of no cont…

49-11-201. Establishment of retirement office -- An independent state agency -- Office exemption. (1) There is established the Utah State Retirement Office, which may also be known and function as the Utah State Retirement Systems or the Utah Retirement Systems. The office shall …

49-11-202. Establishment of Utah State Retirement Board -- Quorum -- Terms -- Officers -- Expenses and per diem. (1) There is established the Utah State Retirement Board composed of seven board members determined as follows: Four board members, with experience in investments or b…

49-11-203. Powers and duties of board. (1) The board shall: appoint an executive director to administer the office; receive and act upon reports covering the operations of the systems, plans, programs, and funds administered by the office; ensure that the systems, plans, programs…

49-11-204. Powers and duties of executive director. The executive director shall: (1) act as the executive officer of the board and the office; (2) administer the various systems, plans, programs, and functions assigned to the board or office; (3) subject to board review, develop…

49-11-205. Membership Council established -- Members -- Chair -- Duties -- Expenses and per diem. (1) A Membership Council is established to perform the duties under Subsection. (5) (2) The Membership Council shall be composed of 18 council members as follows: the director of the…

49-11-301. Creation -- Board to act as trustees of the fund -- Commingling and pooling of funds -- Interest earnings -- Funded ratio. (1) There is created a common trust fund known as the "Utah State Retirement Investment Fund" for the purpose of enlarging the investment base and…

49-11-302. Board duties with respect to fund. (1) The board: shall review and establish the asset allocation of the Utah State Retirement Investment Fund for investment, and with the executive director, shall determine the method of investing the funds; through the executive dire…

49-11-303. Fund investment standard -- Prudent investor rule. The fund shall be invested in accordance with the prudent investor rule established in Title 75B, Chapter 2, Part 9, Uniform Prudent Investor Act.

49-11-304. Administrative costs -- Payable from fund. General administrative costs of operating the office shall be assessed to the systems, plans, programs, and funds on a pro rata basis and shall be paid from earnings of the Utah State Retirement Investment Fund.

49-11-305. Self-insurance option -- Purchase of liability insurance. (1) The office may self insure and may purchase commercial insurance in any amount. (2) The office may also purchase excess commercial insurance above the limits provided by the Governmental Immunity Act against…

49-11-306. Definitions -- Scrutinized companies investment report -- Content -- Reporting -- Exceptions. (1) As used in this section: "Active business operations" means all business operations that are not inactive business operations. "Business operations" means investing, with …

49-11-307. Report on funded status -- Study of compensation. (1) 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 The report under Subsectionshall be made a…

49-11-401. Transfer of service credit -- Eligibility for service credit -- Computation of service credit -- Retirement from most recent system. (1) The office shall make the transfer of service credit, together with related member and participating employer contributions, from on…

49-11-402. Purchase of military service credit. (1) Except as provided under Subsection, a member who is absent from employment with a participating employer by reason of an official call to full-time United States military service may receive service credit for that military ser…

49-11-403. Purchase of public service credit not otherwise qualifying for benefit. (1) A member, a participating employer, or a member and a participating employer jointly may purchase service credit equal to the period of the member's employment in the following: United States f…

49-11-404. Benefit protection contract authorized -- Annual report required. (1) A participating employer may establish a salary protection program under which the participating employer's employees are paid during periods of disability. If a salary protection program is establis…

49-11-405. Service credit from different systems or plans -- Eligibility and calculation of service credit. (1) A member who has service credit from two or more systems or one or more systems and the Utah Governors' and Legislators' Retirement Plan may combine service credit for …

49-11-406. Governor's appointed executives and senior staff -- Appointed legislative employees -- Transfer of value of accrued defined benefit -- Procedures. (1) As used in this section: "Defined benefit balance" means the total amount of the contributions made on behalf of a mem…

49-11-407. Service credit purchases by active employees only. Notwithstanding any other provision of this title, only an active member may purchase service credit under this title.

49-11-501. Refunds of member contributions -- Transfers of contributions to defined contribution plan. (1) If a member shall for any cause, except retirement, permanent or temporary disability, or death, terminate employment with a participating employer the member may leave the …

49-11-502. Redeposits of refunds -- Time period. (1) If a member receives a refund of member contributions and is subsequently reemployed in a position covered by a system or the Utah Governors' and Legislators' Retirement Plan, the participating employer or the member may redepo…

49-11-503. Rate of interest on redeposits, adjustments, and delinquent payments. The rate of interest charged on redeposits of refunds, adjustments, or delinquent payments is the greater of: (1) the interest rate as determined under a formula approved by the board; or (2) the act…

49-11-504. Reemployment of a retiree -- Restrictions. (1) As used in this section: "full-time" means: employment requiring 20 or more hours of work per week; or at least a half-time teaching contract. "Reemployed," "reemploy," or "reemployment" means the same as those terms are d…

49-11-601. Payment of employer contributions -- Penalties for failure to comply -- Adjustments to be made. (1) The employer contributions, fees, premium taxes, contribution adjustments, and other required payments shall be paid to the office by the participating employer as deter…

49-11-602. Participating employer to maintain records -- Time limit -- Penalties for failure to comply. (1) A participating employer shall: maintain records necessary to calculate benefits under this title and other records necessary for proper administration of this title as req…