Section 103 - Purpose -- Liberal construction.

UT Code § 49-11-103 (2019) (N/A)

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(1) The purpose of this title is to establish: (a) retirement systems and the Utah Governors' and Legislators' Retirement Plan for members which provide: (i) a uniform system of membership; (ii) retirement requirements; (iii) benefits for members; (iv) funding on an actuarially sound basis; (v) contributions; and (vi) economy and efficiency in public service; and (b) a central administrative office and a board to administer the various systems, plans, and programs established by the Legislature or the board.

(a) retirement systems and the Utah Governors' and Legislators' Retirement Plan for members which provide: (i) a uniform system of membership; (ii) retirement requirements; (iii) benefits for members; (iv) funding on an actuarially sound basis; (v) contributions; and (vi) economy and efficiency in public service; and

(i) a uniform system of membership;

(ii) retirement requirements;

(iii) benefits for members;

(iv) funding on an actuarially sound basis;

(v) contributions; and

(vi) economy and efficiency in public service; and

(b) a central administrative office and a board to administer the various systems, plans, and programs established by the Legislature or the board.

(2) This title shall be liberally construed to provide maximum benefits and protections consistent with sound fiduciary and actuarial principles.

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