reglab/statecodes huggingface dataset:
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 4 - Benefit Limited Liability Company Act › Part 4 - Transparency › Section 402 - Availability of annual benefit report.

Effective 5/8/2018
48-4-402.
Availability of annual benefit report.
(1) Each year, a benefit company shall send the benefit report described in Section 48-4-401 to each member:
(a) within 120 days after the day on which the benefit company's fiscal year ends; or
(b) the day on which the benefit company delivers any other annual report to the benefit company's members.
(2)
(a) Within five days after the day on which a benefit company sends a benefit report to each member in accordance with Subsection (1), the benefit company shall:
(i) subject to Subsection (2)(b), post a copy of the benefit report on a public portion of the benefit company's website; and
(ii) deliver a copy of the benefit report to the division for filing.
(b) If a benefit company does not have a website, the benefit company shall provide a copy of the benefit report, without charge, to any person who requests a copy.
(c) The benefit company may omit any financial or proprietary information from a copy of a benefit report described in Subsection (2)(a) or (b).
(d) The division may charge a fee established by the division in accordance with Section 63J-1-504 for filing an annual benefit report in accordance with this section.
Enacted by Chapter 201, 2018 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 1 - General Provisions › Section 102 - Governing document hierarchy -- Governing law.

Effective 1/1/2024
48-5-102.
Governing document hierarchy -- Governing law.
A decentralized autonomous organization shall be governed by the following, listed in order of primacy:
(1) this act;
(2) the by-laws of the decentralized autonomous organization;
(3) if this act and a decentralized autonomous organization's by-laws are silent, the provisions of Chapter 3a, Utah Revised Uniform Limited Liability Company Act; and
(4) principles of law and equity.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 1 - General Provisions › Section 103 - Powers of the division.

Effective 1/1/2024
48-5-103.
Powers of the division.
(1)
(a) The division may make, amend, or rescind a rule, form, or order when necessary to carry out this chapter.
(b) The division shall make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(2) The division may by rule:
(a) provide the form and content of a registration requirement required under this chapter;
(b) provide the method of determining whether formation requirements described in Section 48-5-201 have been met and when to issue a certificate of organization; and
(c) identify industry standards for determining whether the decentralized autonomous organization has undergone security review for quality assurance.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 1 - General Provisions › Section 104 - Legal personality.

Effective 1/1/2024
48-5-104.
Legal personality.
A decentralized autonomous organization that meets the requirements of this act:
(1) shall be deemed a legal entity separate and distinct from the decentralized autonomous organization's members;
(2) has the capacity to sue and be sued in the decentralized autonomous organization's own name and the power to do all things necessary or convenient to carry on the decentralized autonomous organization's activities and affairs;
(3) shall meet the decentralized autonomous organization's liabilities through the decentralized autonomous organization's assets;
(4) may have any lawful purpose; and
(5) has perpetual duration.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 1 - General Provisions › Section 106 - Registered agent.

Effective 1/1/2024
48-5-106.
Registered agent.
Each decentralized autonomous organization shall designate a registered agent in this state in accordance with Subsection 16-17-203(1) and maintain a registered agent in the state.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 1 - General Provisions › Section 107 - Fees.

Effective 1/1/2024
48-5-107.
Fees.
Unless otherwise provided by statute, the division shall charge and collect a fee for services established by the division in accordance with Section 63J-1-504 including fees:
(1) for issuing a certified copy of any document, instrument, or paper relating to a decentralized autonomous organization; and
(2) for affixing the seal to a certified copy described in Subsection (1).
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 1 - General Provisions › Section 108 - Certificates issued by the division.

Effective 1/1/2024
48-5-108.
Certificates issued by the division.
(1) Any person may apply to the division for:
(a) a certificate of existence for a decentralized autonomous organization; or
(b) a certificate that sets forth any facts of record in the division.
(2) A certificate of existence or certificate of authorization sets forth:
(a) the decentralized autonomous organization's name;
(b) that the decentralized autonomous organization is recognized under the law of this state;
(c) the date of the decentralized autonomous organization's formation;
(d) that articles of dissolution have not been filed by the division; and
(e) other facts of record in the division that may be requested by the applicant.
(3) Subject to any qualification stated in the certificate, a certificate issued by the division may be relied upon as conclusive evidence of the facts set forth in the certificate.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 1 - General Provisions › Section 109 - Electronic documents.

Effective 1/1/2024
48-5-109.
Electronic documents.
(1) Subject to Section 48-5-107, the division shall by rule permit a writing required or permitted to be filed with the division under this chapter:
(a) to be delivered, mailed, or filed:
(i) in an electronic medium; or
(ii) by electronic transmission; or
(b) to be signed by photographic, electronic, or other means prescribed by rule, except that a writing signed in an electronic medium shall be signed by electronic signature in accordance with Title 46, Chapter 4, Uniform Electronic Transactions Act.
(2) The division may by rule provide for any writing required or permitted to be prepared, delivered, or mailed by the division under this chapter to be prepared, delivered, or mailed:
(a) in an electronic medium; or
(b) by electronic transmission.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 2 - Formation › Section 202 - Limited liability.

Effective 1/1/2024
48-5-202.
Limited liability.
(1) Except as set forth in Subsections (2) and (3), a member:
(a) may only be liable for the on-chain contributions that the member has committed to the decentralized autonomous organization;
(b) may not be held personally liable for any excess liability after the decentralized autonomous organization's assets have been exhausted;
(c) may not be held personally liable for any obligation incurred by the decentralized autonomous organization; and
(d) may not be held personally liable, in the member's capacity as a member, for the wrongful act or omission of any other member of the decentralized autonomous organization.
(2) If a decentralized autonomous organization refuses to comply with an enforceable judgment, order, or award entered against the decentralized autonomous organization, the members who voted against compliance may be liable for any monetary payments ordered in the judgment, order, or award in proportion to the member's share of governance rights in the decentralized autonomous organization.
(3) Subsections (1) and (2) do not affect the personal liability of a member in tort for a member's own wrongful act or omission.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 2 - Formation › Section 203 - By-laws.

Effective 1/1/2024
48-5-203.
By-laws.
(1) A decentralized autonomous organization shall adopt by-laws that establish internal organization and procedures for the decentralized autonomous organization.
(2) The by-laws shall be set out in plain terms.
(3) The by-laws of a decentralized autonomous organization may contain any provision for managing the entity and regulating the affairs of the decentralized autonomous organization that is not inconsistent with law.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 2 - Formation › Section 204 - Annual report to the division.

Effective 1/1/2024
48-5-204.
Annual report to the division.
(1) A decentralized autonomous organization shall deliver to the division for filing an annual report that states:
(a) the name of the decentralized autonomous organization; and
(b) the information required by Subsection 16-17-203(1).
(2) Information in the annual report must be current as of the date the report is signed by the decentralized autonomous organization.
(3) Every 12 months after the decentralized autonomous organization has been issued a certificate of organization, the decentralized autonomous organization shall submit the annual report described in Subsection (1) to the division.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 3 - Members › Section 301 - Classes of participation rights -- Membership.

Effective 1/1/2024
48-5-301.
Classes of participation rights -- Membership.
(1) A decentralized autonomous organization's by-laws may create multiple classes of member participation rights.
(2) Where the decentralized autonomous organization has tokens providing governance powers to the token holder, the token holder shall be considered a member of the decentralized autonomous organization:
(a) from the time the ownership of the tokens is established to be in the possession of an address; or
(b) from the time when ownership is first acknowledged by the token holder through an on-chain interaction with the decentralized autonomous organization.
(3) This section does not apply in the event of a hard fork.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 3 - Members › Section 302 - Voting rights.

Effective 1/1/2024
48-5-302.
Voting rights.
(1) The by-laws shall set out the distribution of voting rights for the classes of member participation rights in a decentralized autonomous organization.
(2) The method by which these voting rights are computed and distributed shall be set out in the by-laws.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 3 - Members › Section 303 - Proxies.

Effective 1/1/2024
48-5-303.
Proxies.
(1) A member may be represented by a proxy.
(2) The by-laws of a decentralized autonomous organization may establish the requirements for representation by proxy.
(3) A proxy may exercise all rights of a member.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 3 - Members › Section 304 - Minority rights protection.

Effective 1/1/2024
48-5-304.
Minority rights protection.
The decentralized autonomous organization shall state in the by-laws whether the decentralized autonomous organization provides minority rights protection.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 3 - Members › Section 305 - Administrators.

Effective 1/1/2024
48-5-305.
Administrators.
(1) Unless mandated in the decentralized autonomous organization's by-laws, a decentralized autonomous organization is not required to have an administrator, including a board of directors or a trustee.
(2) In the absence of a provision requiring administrators, all the powers and tasks of an administrator shall be vested in the decentralized autonomous organization members as a class.
(3) The voting mechanism for nominating and appointing an administrator shall be set out in the decentralized autonomous organization's by-laws.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 3 - Members › Section 306 - Legal representation.

Effective 1/1/2024
48-5-306.
Legal representation.
(1) A decentralized autonomous organization shall retain a legal representative to undertake tasks that cannot be achieved on-chain.
(2) Legal representation of the decentralized autonomous organization shall be carried out by the legal representative in the manner provided in the by-laws, as evidenced by an authorization displayed on a public forum, and verifiable by cryptographic proof.
(3) The legal representative may undertake and execute any and all acts and contracts included within the scope of such authorization.
(4) The legal representative may not be required to reside in Utah.
(5) A legal representative may not be personally liable for acts performed on behalf of the decentralized autonomous organization.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 3 - Members › Section 307 - No implicit fiduciary status.

Effective 1/1/2024
48-5-307.
No implicit fiduciary status.
A developer, member, participant, or legal representative of a decentralized autonomous organization may not be imputed to have fiduciary duties towards each other or third parties solely on account of their role, unless the developer, member, participant, or legal representative:
(1) explicitly holds themselves out as a fiduciary; or
(2) stipulates to assume a fiduciary status as provided in the decentralized autonomous organization's by-laws.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 4 - Miscellaneous Provisions › Section 401 - Asset subscription and payment.

Effective 1/1/2024
48-5-401.
Asset subscription and payment.
(1) No minimum capital requirements may apply to a decentralized autonomous organization recognized by this act.
(2) If the decentralized autonomous organization wishes to maintain a minimum amount of capital, the by-laws of the decentralized autonomous organization shall specify the rules for subscription and payment.
(3) The by-laws shall provide the rules for exiting the decentralized autonomous organization that address the consequences of voluntary and involuntary member and participant exit on subscriptions and payments made by the member or participant.
(4) No member may compel the dissolution of the decentralized autonomous organization for failure to return the member's on-chain contribution.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 4 - Miscellaneous Provisions › Section 402 - Meetings.

Effective 1/1/2024
48-5-402.
Meetings.
(1) A decentralized autonomous organization may hold meetings as provided in the decentralized autonomous organization's by-laws.
(2) Unless explicitly specified in the by-laws, meetings are not required to be in person.
(3) If the by-laws include a meeting requirement, the by-laws shall include an explicit and transparent mechanism of giving notice of meetings to administrators, members, or participants, and a defined time period for deliberating upon proposals submitted by an administrator, member, or participant.
(4) Notice of any required meeting shall be communicated through a graphical user interface.
(5) The quorum and majority requirements for meetings of a decentralized autonomous organization's administrators, members, or participants shall be specified in the by-laws.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 4 - Miscellaneous Provisions › Section 403 - Contentious forks in the underlying blockchain.

Effective 1/1/2024
48-5-403.
Contentious forks in the underlying blockchain.
(1) Except as provided in this section, in the event of a hard fork in the underlying permissionless blockchain:
(a) the legal representation of the decentralized autonomous organization remains on the majority chain; and
(b) any off-chain assets shall belong to the decentralized autonomous organization on the majority chain.
(2)
(a) A decentralized autonomous organization may choose to maintain legal presence on a minority chain if the decentralized autonomous organization expresses an intent to do so by public signal.
(b) If the decentralized autonomous organization expresses an intent by public signal to maintain legal presence on a minority chain, any off-chain assets shall belong to the decentralized autonomous organization on the selected minority chain.
(3) The decentralized autonomous organization may liquidate the decentralized autonomous organization's on-chain assets after a hard fork to move those assets to the chosen chain.
(4) The decentralized autonomous organization may split into multiple legal entities after a hard fork, each on a separate chain, after public signal of an intent to do so, provided there is a definitive distribution of off-chain assets between the majority and minority chain.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 4 - Miscellaneous Provisions › Section 404 - Restructuring.

Effective 1/1/2024
48-5-404.
Restructuring.
(1) When a decentralized autonomous organization is restructured, whether through modification, upgrade, or migration, the decentralized autonomous organization's legal personality and limited liability is retained only to the extent that:
(a) the new software code of the decentralized autonomous organization fulfills all the formation requirements of Section 48-5-201; and
(b) where the decentralized autonomous organization has to be associated with a new unique public address, proper notice is provided by way of public signal.
(2) A decentralized autonomous organization that is restructured in compliance with Subsection (1) inherits the rights and obligations of the original decentralized autonomous organization as a successor.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 4 - Miscellaneous Provisions › Section 405 - Failure event.

Effective 1/1/2024
48-5-405.
Failure event.
(1) In the case of a failure event, legal personality and limited liability are maintained to the extent necessary to protect decentralized autonomous organization members and participants from personal liability.
(2) A failure event may trigger liability on the person deploying or upgrading the decentralized autonomous organization if that person:
(a) acted in bad faith; or
(b) engaged in gross negligence.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 48 - Unincorporated Business Entity Act › Chapter 5 - Decentralized Autonomous Organization Act › Part 4 - Miscellaneous Provisions › Section 406 - Taxation.

Effective 1/1/2024
48-5-406.
Taxation.
(1) If a decentralized autonomous organization recognized by this act is eligible to elect to be classified as a corporation for federal tax purposes, and the decentralized autonomous organization makes that election, the decentralized autonomous organization shall be subject to the provisions of Title 59, Chapter 7, Corporate Franchise and Income Taxes.
(2)
(a) Unless the decentralized autonomous organization makes the election described in Subsection (1), a decentralized autonomous organization recognized by this act shall be classified as a partnership for tax purposes and subject to the provisions of Title 59, Chapter 10, Part 14, Pass-Through Entities and Pass-Through Entity Taxpayers Act.
(b) For purposes of taxation, a decentralized autonomous organization shall allocate the distributive share of income, gain, loss, deduction, and credit derived from the decentralized autonomous organization's activities, to each member of the decentralized autonomous organization in proportion to the member's membership interest in the entity.
Enacted by Chapter 85, 2023 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 1 - General Provisions › Section 101 - Title.

49-11-101.
Title.
(1) This title is known as the "Utah State Retirement and Insurance Benefit Act."
(2) This chapter is known as the "Utah State Retirement Systems Administration."
Renumbered and Amended by Chapter 250, 2002 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 1 - General Provisions › Section 103 - Purpose -- Liberal construction.

Effective 2/21/2018
49-11-103.
Purpose -- Liberal construction.
(1) The purpose of this title is to establish:
(a) retirement systems and the Utah Governors' and Legislators' Retirement Plan for members which provide:
(i) a uniform system of membership;
(ii) retirement requirements;
(iii) benefits for members;
(iv) funding on an actuarially sound basis;
(v) contributions; and
(vi) economy and efficiency in public service; and
(b) a central administrative office and a board to administer the various systems, plans, and programs established by the Legislature or the board.
(2) This title shall be liberally construed to provide maximum benefits and protections consistent with sound fiduciary and actuarial principles.
Amended by Chapter 10, 2018 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 2 - Retirement Office and Board › Section 201 - Establishment of retirement office -- An independent state agency -- Office exemption.

Effective 3/3/2014
49-11-201.
Establishment of retirement office -- An independent state agency -- Office exemption.
(1)
(a) 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.
(b) The office shall administer the systems, plans, and programs and perform all other functions assigned to it under this title.
(2)
(a) The office is an independent state agency.
(b) It is subject to legislative and executive department budgetary review and comment.
(3) The office may establish branch offices upon approval of the board.
(4) The board and office are exempt from those acts which are applicable to state and other governmental entities under this code.
Amended by Chapter 15, 2014 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 2 - Retirement Office and Board › Section 202 - Establishment of Utah State Retirement Board -- Quorum -- Terms -- Officers -- Expenses and per diem.

Effective 5/12/2020
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:
(a) Four board members, with experience in investments or banking, shall be appointed by the governor from the general public.
(b) One board member shall be a school employee appointed by the governor from at least three nominations submitted by the governing board of the school employees' association that is representative of a majority of the school employees who are members of a system administered by the board.
(c) One board member shall be a public employee appointed by the governor from at least three nominations submitted by the governing board of the public employee association that is representative of a majority of the public employees who are members of a system administered by the board.
(d) One board member shall be the state treasurer.
(2) Four board members constitute a quorum for the transaction of business.
(3)
(a) All appointments to the board shall be made on a nonpartisan basis, with the advice and consent of the Senate.
(b) Board members shall serve until their successors are appointed and take the constitutional oath of office.
(c) When a vacancy occurs on the board for any reason, the replacement shall be appointed for the unexpired term.
(4)
(a) Except as required by Subsection (4)(b), all appointed board members shall serve for four-year terms.
(b) Notwithstanding the requirements of Subsection (4)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that:
(i) approximately half of the board is appointed every two years; and
(ii) no more than two of the board members appointed under Subsection (1)(a) are appointed every two years.
(c) A board member who is appointed as a school employee or as a public employee who retires or who is no longer employed with a participating employer shall immediately resign from the board.
(5)
(a) Each year the board shall elect a president and vice president from its membership.
(b) A board member may not receive compensation or benefits for the board member's service, but may receive per diem and travel expenses in accordance with:
(i) Section 63A-3-106;
(ii) Section 63A-3-107; and
(iii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.
Amended by Chapter 352, 2020 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 3 - Investment Fund › Section 302 - Board duties with respect to fund.

49-11-302.
Board duties with respect to fund.
(1) The board:
(a) 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;
(b) through the executive director:
(i) shall invest the money in the Utah State Retirement Investment Fund; and
(ii) may provide for the holding, purchasing, selling, assigning, transferring, and disposing of any of the securities and investments in which any of the money of the Utah
State Retirement Investment Fund is invested.
(2) Fees for all services shall be paid from the interest earnings of the Utah State Retirement Investment Fund.
(3) Title to real estate or any other fund investment may be:
(a) held in the name of the Utah State Retirement Investment Fund; or
(b) held in another name or names as determined by the board.
Renumbered and Amended by Chapter 250, 2002 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 3 - Investment Fund › Section 303 - Fund investment standard -- Prudent investor rule.

49-11-303.
Fund investment standard -- Prudent investor rule.
The fund shall be invested in accordance with the prudent investor rule established in Title 75, Chapter 7, Part 9, Utah Uniform Prudent Investor Act.
Amended by Chapter 116, 2005 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 3 - Investment Fund › Section 304 - Administrative costs -- Payable from fund.

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.
Renumbered and Amended by Chapter 250, 2002 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 3 - Investment Fund › Section 305 - Self-insurance option -- Purchase of liability insurance.

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 any:
(a) risk created or recognized by the Governmental Immunity Act; or
(b) other action for which the board, office, or any of its employees, may be held liable.
Renumbered and Amended by Chapter 250, 2002 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 3 - Investment Fund › Section 307 - Report on funded status -- Study of compensation.

49-11-307.
Report on funded status -- Study of compensation.
(1)
(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
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 4 - Service Credits › Section 405 - Service credit from different systems or plans -- Eligibility and calculation of service credit.

Effective 5/10/2016
49-11-405.
Service credit from different systems or plans -- Eligibility and calculation of service credit.
(1)
(a) 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 purposes of determining eligibility for retirement.
(b) The provisions of Subsection (1)(a) do not apply to concurrent service.
(2) To be eligible for the calculation under Subsection (3), the member's service credit earned under the different systems or the Utah Governors' and Legislators' Retirement Plan shall at least equal the minimum amount of service credit required to retire from the system which most recently covered the member.
(3) If a member meets the requirements of Subsection (2), the office shall calculate the member's allowance using all service credit earned from any system or the Utah Governors' and Legislators' Retirement Plan, with no actuarial reduction applied to the allowance, except the service credit used to calculate the benefit shall be increased or decreased to reflect the value of the assets transferred.
(4) The office shall establish the standards used for calculating any increase or decrease in the service credit.
(5) This section does not apply to a retiree who is subject to Section 49-11-504 and Chapter 11, Part 12, Postretirement Reemployment Restrictions Act.
Amended by Chapter 310, 2016 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 4 - Service Credits › Section 406 - Governor's appointed executives and senior staff -- Appointed legislative employees -- Transfer of value of accrued defined benefit -- Procedures.

Effective 7/1/2021
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:
(a) "Defined benefit balance" means the total amount of the contributions made on behalf of a member to a defined benefit system plus refund interest.
(b) "Senior staff" means an at-will employee who reports directly to an elected official, executive director, or director and includes a deputy director and other similar, at-will employee positions designated by the governor, the speaker of the House, or the president of the Senate and filed with the Division of Human Resource Management and the Utah State Retirement Office.
(2) In accordance with this section and subject to requirements under federal law and rules made by the board, a member who has service credit from a system may elect to be exempt from coverage under a defined benefit system and to have the member's defined benefit balance transferred from the defined benefit system or plan to a defined contribution plan in the member's own name if the member is:
(a) the state auditor;
(b) the state treasurer;
(c) an appointed executive under Subsection 67-22-2(1)(a);
(d) an employee in the Governor's Office;
(e) senior staff in the Governor's Office of Planning and Budget;
(f) senior staff in the Governor's Office of Economic Opportunity;
(g) senior staff in the Commission on Criminal and Juvenile Justice;
(h) senior staff in the Public Lands Policy Coordinating Office, created in Section 63L-11-201;
(i) a legislative employee appointed under Subsection 36-12-7(3)(a); or
(j) a legislative employee appointed by the speaker of the House of Representatives, the House of Representatives minority leader, the president of the Senate, or the Senate minority leader.
(3) An election made under Subsection (2):
(a) is final, and no right exists to make any further election;
(b) is considered a request to be exempt from coverage under a defined benefits system; and
(c) shall be made on forms provided by the office.
(4) The board shall adopt rules to implement and administer this section.
Amended by Chapter 64, 2021 General Session
Amended by Chapter 282, 2021 General Session
Amended by Chapter 344, 2021 General Session
Amended by Chapter 382, 2021 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 4 - Service Credits › Section 407 - Service credit purchases by active employees only.

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.
Enacted by Chapter 439, 2011 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 5 - General Member Provisions › Section 501 - Refunds of member contributions -- Transfers of contributions to defined contribution plan.

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 member contributions in the fund or may receive a refund of the member contributions as provided under this section.
(2) A member who applies for a refund of member contributions shall apply in writing on forms provided by the office.
(3) A refund of member contributions may not be made to a member within 60 days from the last date of the pay period for which contributions are made by or on behalf of the member.
(4) If the member is reemployed by a participating employer within the time period under Subsection (3), the member is not eligible for a refund.
(5) A member who receives a refund of member contributions forfeits the service credit based on those contributions.
(6) A member who is exempted from or becomes ineligible for service credit in a system but who remains employed by a participating employer may request a direct transfer of member contributions to a qualified plan.
(7) A member who remains employed with an employer which has withdrawn from a system may request a plan-to-plan transfer of member contributions to a qualified defined contribution plan administered by the board or a qualified plan offered by the member's employer.
(8) Refund interest shall be paid on refunds of member contributions under this section.
Amended by Chapter 240, 2003 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 5 - General Member Provisions › Section 502 - Redeposits of refunds -- Time period.

49-11-502.
Redeposits of refunds -- Time period.
(1)
(a) 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 redeposit an amount equal to the member contributions refunded and interest charged under Section 49-11-503.
(b) The interest shall be compounded annually from the date of refund through the month of payment.
(c) If a redeposit is made, service credit shall be restored to the member's account and credited to the same system or the Utah Governors' and Legislator's Retirement Plan from which the refund was taken.
(2)
(a) A member may redeposit an amount equal to a prior refund of member contributions and interest charges in one lump sum or in monthly installments by payroll deduction in a time period determined by the office.
(b) If the total redeposit is not made prior to the member's retirement date, the amount of redeposit paid to the office shall be refunded to the member without interest and the member is not entitled to service credit based on the amount of the refund.
(c) The interest rate charged during the installment period shall be a fixed rate calculated at the time of the first installment payment in accordance with Section 49-11-503.
(3) A member who redeposits a refund of member contributions under this section shall receive the amount of service credit forfeited in taking the refund.
(4)
(a) For purposes of this section, the Public Employees' Contributory Retirement System created under Chapter 12, Public Employees' Contributory Retirement Act, and the Public Employees' Noncontributory Retirement System created under Chapter 13, Public Employees' Noncontributory Retirement Act, are considered one system.
(b) For purposes of this section, the Public Safety Contributory Retirement System created under Chapter 14, Public Safety Contributory Retirement Act, and the Public Safety Noncontributory Retirement System created under Chapter 15, Public Safety Noncontributory Retirement Act, are considered one system.
(c) For purposes of this section, the Judges' Contributory Retirement System created under Chapter 17, Judges' Contributory Retirement Act, and the Judges' Noncontributory Retirement System created under, Chapter 18, Judges' Noncontributory Retirement Act, are considered one system.
(5)
(a) The board may make rules to allow a member to make the necessary payments to the office for redeposits under this title as permitted by federal law.
(b) The office may reject any payments if the office determines the tax status of the systems, plans, or programs may be jeopardized by allowing the payment.
Renumbered and Amended by Chapter 250, 2002 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 5 - General Member Provisions › Section 503 - Rate of interest on redeposits, adjustments, and delinquent payments.

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 actuarial interest rate as of the preceding June 30.
Amended by Chapter 240, 2003 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 6 - Procedures and Records › Section 602 - Participating employer to maintain records -- Time limit -- Penalties for failure to comply.

Effective 7/1/2017
49-11-602.
Participating employer to maintain records -- Time limit -- Penalties for failure to comply.
(1) A participating employer shall:
(a) maintain records necessary to calculate benefits under this title and other records necessary for proper administration of this title as required by the office; and
(b) maintain records that indicate whether an employee is receiving:
(i) a benefit under state or federal law that, under Subsection 49-12-102(1)(b)(vi) or (vii), is excluded from the definition of benefits normally provided for purposes of Chapter 12, Public Employees' Contributory Retirement Act, Chapter 13, Public Employees' Noncontributory Retirement Act, or Chapter 22, New Public Employees' Tier II Contributory Retirement Act; or
(ii) a benefit under a benefit package generally offered to similarly situated employees.
(2) A participating employer shall maintain the records required under Subsection (1) until the earliest of:
(a) three years after the date of retirement of the employee from a system or plan;
(b) three years after the date of death of the employee; or
(c) 65 years from the date of employment with the participating employer.
(3) A participating employer shall be liable to the office for:
(a) any liabilities and expenses, including administrative expenses and the cost of increased benefits to members, resulting from the participating employer's failure to maintain records under this section; and
(b) a penalty equal to 1% of the participating employer's last month's contributions.
(4) The executive director may waive all or any part of the interest, penalties, expenses, and fees if the executive director finds there were extenuating circumstances surrounding the participating employer's failure to comply with this section.
(5) The office may estimate the length of service, compensation, or age of any member, if that information is not contained in the records.
(6)
(a) A participating employer shall enroll an employee, make reports, submit contributions, and provide other requested information electronically in a manner approved by the office.
(b) A participating employer shall treat any information provided electronically or otherwise by the office as subject to the confidentiality provisions of this title.
Amended by Chapter 141, 2017 General Session
2023 Utah Code › Title 49 - Utah State Retirement and Insurance Benefit Act › Chapter 11 - Utah State Retirement Systems Administration › Part 6 - Procedures and Records › Section 603 - Participating employer to report and certify -- Time limit -- Penalties for failure to comply.

Effective 7/1/2022
49-11-603.
Participating employer to report and certify -- Time limit -- Penalties for failure to comply.
(1) As soon as administratively possible, but in no event later than 30 days after the end of each pay period, a participating employer shall report and certify to the office:
(a) the eligibility for service credit accrual of:
(i) each current employee;
(ii) each new employee as the new employee begins employment; and
(iii) any changes to eligibility for service credit accrual of each employee;
(b) the compensation of each current employee eligible for service credit; and
(c) other factors relating to the proper administration of this title as required by the executive director.
(2)
(a) Each participating employer shall submit the reports required under Subsection (1) in a format approved by the office.
(b) Each participating employer shall include in the reports a certification, for each employee, whether the employee is:
(i) an eligible employee who is accruing service credit;
(ii) an ineligible employee who may not accrue service credit;
(iii) a reemployed retiree; or
(iv) an employee who is eligible for employer contributions to a defined contribution plan administered under this title.
(3) A participating employer shall be liable to the office for:
(a) any liabilities and expenses, including administrative expenses and the cost of increased benefits to employees, resulting from the participating employer's failure to correctly report and certify records under this section;
(b) a penalty equal to the greater of:
(i) $250; or
(ii) 50% of the total contributions for the employees for the period of the reporting error; and
(c) attorney fees.
(4) The executive director may waive all or any part of the interest, penalties, expenses, and fees if the executive director finds there were extenuating circumstances surrounding the participating employer's failure to comply with this section.
(5) The office may estimate the length of service, compensation, or age of any employee, if that information is not contained in the records.
Amended by Chapter 171, 2022 General Session