Utah Code 75B-1-202. Retirement trusts exempted from rules against perpetuities, accumulations, or suspension of power of alienation
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(1) A retirement trust is not invalid as violating a rule against perpetuities, a rule against accumulations, a rule concerning the suspension of the power of alienation of title to property, or any other law restricting or limiting the duration of trusts.
Terms Used In Utah Code 75B-1-202
- 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(2) A retirement trust may continue in perpetuity or for the time that is necessary to accomplish the purposes for which the retirement trust was created.