Utah Code 49-20-402. Reserves to be held — Refunds
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(1) The reserves in a risk pool in a given fiscal year shall be maintained at the level recommended by the program‘s consulting actuary and approved or ratified by the board. If the reserves drop below that level, covered employers in the risk pool are required to cure any deficiency in the reserve.
Terms Used In Utah Code 49-20-402
- Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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 Chapter 22, Part 4, Tier II Defined Contribution Plan, the New Public Safety and Firefighter Tier II Defined Contribution Plan created by Chapter 23, Part 4, Tier II Defined Contribution Plan, or the defined contribution plans created under Section 49-11-801. See Utah Code 49-11-102
- Program: means the Public Employees' Benefit and Insurance Program. See Utah Code 49-20-102
(2) If substantial excess reserves are accrued above those required by this chapter, and the board determines that a refund is appropriate, a refund shall be made:
(2)(a) to covered employers which shall then make a refund to covered individuals on the basis of the contribution of each to the plan; or
(2)(b) directly to covered individuals on the basis of the contribution of each to the plan.