Download Zipped Enrolled WP 8.0 HB0164.ZIP 5,244 Bytes
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H.B. 164 Enrolled
AN ACT RELATING TO STATE OFFICERS AND EMPLOYEES; ALLOWING STATE
EMPLOYEES TO CONVERT ACCUMULATED ANNUAL LEAVE INTO DEFERRED
COMPENSATION PLAN CONTRIBUTIONS UPON TERMINATION OR RETIREMENT.
This act affects sections of Utah Code Annotated 1953 as follows:
ENACTS:
67-19-12.7, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 67-19-12.7 is enacted to read:
67-19-12.7. Accumulated annual leave -- Conversion to deferred compensation plan.
(1) The department shall implement a program whereby an employee may, upon
termination of employment or retirement, elect to convert any unused annual leave into any of the
employee's designated deferred compensation accounts that:
(a) are sponsored by the Utah State Retirement Board; and
(b) are qualified under Section 401(k) or Section 457 of the Internal Revenue Code.
(2) Any annual leave converted under Subsection (1) shall be converted into the
employee's deferred compensation account at the employee's pay rate at the time of termination
or retirement.
(3) No employee may convert hours of accrued annual leave to the extent that any hours
so converted would exceed the maximum amount authorized by the Internal Revenue Code for
each calendar year.
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