Utah § 49-11-622 - Subsidiaries or other companies owned by independent corporations -- Participation -- Withdrawal.

Full text of Utah Utah Code § 49-11-622 — Subsidiaries or other companies owned by independent corporations -- Participation -- Withdrawal., with citation guidance and answers to common questions.

§ 49-11-622. Subsidiaries or other companies owned by independent corporations -- Participation -- Withdrawal.

49-11-622.  Subsidiaries or other companies owned by independent corporations -- Participation -- Withdrawal.
(1) Notwithstanding any other provision of this title, an independent corporation, as defined in Section 63E-1-102, which participates in a system or plan prior to July 1, 2006, and which owns a subsidiary, or other company may provide for the participation of employees with that system or plan as follows:
(a) the independent corporation shall determine a date that is no later than January 1, 2007, on which the independent corporation shall make an election under Subsection (2);
(b) an employee hired by the independent corporation and transferred to a subsidiary, or other company on or after the date set under Subsection (1)(a) may not participate in a system or plan; and
(c) the independent corporation shall pay to the office any actuarial or administrative cost, determined by the office, to have arisen out of the transfer of the employees from the independent corporation.
(2) The independent corporation described under Subsection (1) shall elect to:
(a) continue its participation for all current employees covered by a system or plan and transferred to a subsidiary, or other company, as of the date set under Subsection (1)(a); or
(b) withdraw from participation in all systems or plans for all employees covered by a system or plan and transferred to the subsidiary, or other company, as of the date set under Subsection (1)(a).
(3) If an independent corporation elects to continue participation under Subsection (2)(a), the independent corporation and the transferred employees shall continue to be subject to the laws and the rules governing the system or plan in which the employee participates, including the accrual of service credit and payment of contributions.


Enacted by Chapter 309, 2006 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 49-11-622

What does Utah Code § 49-11-622 cover?

Section 49-11-622 ("Subsidiaries or other companies owned by independent corporations -- Participation -- Withdrawal.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 49-11-622?

A common citation format is "Utah Code § 49-11-622" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 49-11-622 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

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