Utah Code 75B-1-203. Income permitted to accumulate
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The income arising from or earned by the property held in a retirement trust is permitted to accumulate, in accordance with the terms of the trust:
(1) for the time period permitted by the instrument creating the trust; or
Terms Used In Utah Code 75B-1-203
- Income: means the same as that term is defined in Section
75A-5-101 . See Utah Code 75B-1-201 - Property: includes both real and personal property. See Utah Code 68-3-12.5
- Retirement trust: means a trust:(3)(a) created by an employer as part of a pension, stock bonus, disability, death benefit, profit sharing, retirement, or similar plan primarily for the benefit of an employee or the employee's family, appointee, or beneficiary;(3)(b) to which contributions are made by the employer or employee; and(3)(c) that is created for the purpose of distributing principal or income to the employee or the employee's family, appointee, or beneficiary. See Utah Code 75B-1-201
- Trustee: A person or institution holding and administering property in trust.
(2) if the instrument creating the trust does not specify a time period, for the time period that is necessary for a trustee of the trust to accomplish the purposes for which the trust was created.