Utah Code 49-11-202. Establishment of Utah State Retirement Board — Quorum — Terms — Officers — Expenses and per diem
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(1) There is established the Utah State Retirement Board composed of seven board members determined as follows:
Terms Used In Utah Code 49-11-202
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
- Board member: means a person serving on the Utah State Retirement Board as established under Section 49-11-202. 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
- 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
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- Quorum: The number of legislators that must be present to do business.
- 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
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- System: means the individual retirement systems created by Chapter 12, Public Employees' Contributory Retirement Act, Chapter 13, Public Employees' Noncontributory Retirement Act, Chapter 14, Public Safety Contributory Retirement Act, Chapter 15, Public Safety Noncontributory Retirement Act, Chapter 16, Firefighters' Retirement Act, Chapter 17, Judges' Contributory Retirement Act, Chapter 18, Judges' Noncontributory Retirement Act, and Chapter 19, Utah Governors' and Legislators' Retirement Act, the defined benefit portion of the Tier II Hybrid Retirement System under Chapter 22, Part 3, Tier II Hybrid Retirement System, and the defined benefit portion of the Tier II Hybrid Retirement System under Chapter 23, Part 3, Tier II Hybrid Retirement System. See Utah Code 49-11-102
(1)(a) Four board members, with experience in investments or banking, shall be appointed by the governor from the general public.
(1)(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.
(1)(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.
(1)(d) One board member shall be the state treasurer.
(2) Four board members constitute a quorum for the transaction of business.
(3)
(3)(a) All appointments to the board shall be made on a nonpartisan basis, with the advice and consent of the Senate.
(3)(b) Board members shall serve until their successors are appointed and take the constitutional oath of office.
(3)(c) When a vacancy occurs on the board for any reason, the replacement shall be appointed for the unexpired term.
(4)
(4)(a) Except as required by Subsection (4)(b), all appointed board members shall serve for four-year terms.
(4)(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:
(4)(b)(i) approximately half of the board is appointed every two years; and
(4)(b)(ii) no more than two of the board members appointed under Subsection (1)(a) are appointed every two years.
(4)(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)
(5)(a) Each year the board shall elect a president and vice president from its membership.