49-11-307 - Report on funded status Study of compensation.
49-11-307. Report on funded status -- Study of compensation.
(1) (a) The office shall report the funded status of the Utah State Retirement InvestmentFund to the Retirement and Independent Entities Committee created under Section 63E-1-201.
(b) The report under Subsection (1)(a) shall be made at least annually or as requested bythe committee.
(2) (a) If the Utah State Retirement Investment Fund reaches a funded status of 100%,the office shall make a report to that effect.
(b) The report shall be provided to the governor, the board, the president of the Senate,the speaker of the House of Representatives, and to each member and staff of the Retirement andIndependent Entities Committee created under Section 63E-1-201.
(3) Upon receipt of the report under Subsection (2)(b), the committee shall conduct astudy on participating employee compensation and benefits to determine the need for adjustmentsin retirement benefits, salary, and other benefits for the recruitment and retention of a qualifiedworkforce.
(4) The committee shall report any findings and recommendations to the LegislativeManagement Committee.
Enacted by Chapter 266, 2010 General Session