Utah § 49-11-801 - Defined contribution plans authorized -- Subject to federal and state laws -- Rules to implement this provision -- Costs of administration -- Limitations on eligibility -- Protection of tax status.
Full text of Utah Utah Code § 49-11-801 — Defined contribution plans authorized -- Subject to federal and state laws -- Rules to implement this provision -- Costs of administration -- Limitations on eligibility -- Protection of tax status., with citation guidance and answers to common questions.
§ 49-11-801. Defined contribution plans authorized -- Subject to federal and state laws -- Rules to implement this provision -- Costs of administration -- Limitations on eligibility -- Protection of tax status.
Effective 5/12/2015 49-11-801.
Defined contribution plans authorized -- Subject to federal and state laws -- Rules to implement this provision -- Costs of administration -- Limitations on eligibility -- Protection of tax status.
(1)
(a)
The board shall establish and administer defined contribution plans established under the Internal Revenue Code.
(b)
Voluntary deferrals and nonelective contributions shall be permitted according to the provisions of these plans as established by the board.
Voluntary deferrals and nonelective contributions shall be posted to the participant's account.
(b)
Except as provided in Subsections 49-22-303(3), 49-22-401(4), 49-23-302(3), and 49-23-401(4), participants may direct the investment of their account in the investment options established by the board and in accordance with federal and state law.
(3)
(a)
The board may make rules and create plan documents to implement and administer this section.
(b)
The board may adopt rules under which a participant may put money into a defined contribution plan as permitted by federal law.
(c)
The office may reject any payments if the office determines the tax status of the systems, plans, or programs would be jeopardized by allowing the payment.
(d)
Costs of administration shall be paid as established by the board.
(4)
Voluntary deferrals and nonelective contributions may be invested separately or in conjunction with the Utah State Retirement Investment Fund.
(5)
The board or office may take actions necessary to protect the tax qualified status of the systems, plans, and programs under its control, including the movement of individuals from defined contribution plans to defined benefit systems or the creation of excess benefit plans authorized by federal law.
(6)
The office may, at its sole discretion, correct errors made in the administration of its defined contribution plans.
Section 49-11-801 ("Defined contribution plans authorized -- Subject to federal and state laws -- Rules to implement this provision -- Costs of administration -- Limitations on eligibility -- Protection of tax status.") 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 § 49-11-801?
A common citation format is "Utah Code § 49-11-801" (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 § 49-11-801 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.
