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

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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.