Section 75B-1-201 - Definitions for partAs used in this part:
(1) "Income" means the same as that term is defined in Section 75A-5-101.(2) "Principal" means the same as that term is defined in Section 75A-5-101.(3) "Retirement trust" means a trust:(a) created by an employer as part of a pension, stock bonus, disability, death benefit, profit sharing, retirement, or similar plan primarily for the benefit of an employee or the employee's family, appointee, or beneficiary;(b) to which contributions are made by the employer or employee; and(c) that is created for the purpose of distributing principal or income to the employee or the employee's family, appointee, or beneficiary.Added by Chapter 364, 2024 General Session ,§ 233, eff. 9/1/2024.