Terms Used In Utah Code > Title 75B > Chapter 1 > Part 2 - Retirement Trust

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Income: means the same as that term is defined in Section 75A-5-101. See Utah Code 75B-1-201
• Principal: 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.