Utah Retirement Plan Exchange

7
63G-2-305
67-4-23
0
Utah Retirement Plan Exchange
2026 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Joseph Elison
Senate Sponsor: Brady Brammer

Cosponsor:
Jason E. Thompson
David Shallenberger
LONG TITLE
General Description:
This bill establishes a retirement plan exchange for private employers.
Highlighted Provisions:
This bill:
defines terms;
directs the state treasurer's office (office) to establish and maintain a publicly accessible
online exchange through which an eligible private employer may review, compare, and
select one or more retirement plans for the benefit of the employer's employees;
establishes requirements for the exchange, including the types of available retirement
plans, the manner in which the exchange presents the retirement plan options, and the
information available for each retirement plan;
provides a process by which a retirement plan provider can list a qualified retirement plan
on the exchange;
requires each retirement plan provider with a listing on the exchange to annually report to
the office;
allows the office to remove or suspend a listing under certain circumstances;
gives the office rulemaking authority related to the office's duties; and
allows the office to contract with a third party to fulfill the office's duties related to the
exchange.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
63G-2-305
, as last amended by Laws of Utah 2025, First Special Session, Chapter 17
ENACTS:
67-4-23
, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section
63G-2-305
is amended to read:
63G-2-305
. Protected records.
The following records are protected if properly classified by a governmental entity:
(1)
trade secrets as defined in Section
13-24-2
if the person submitting the trade secret has
provided the governmental entity with the information specified in Section
63G-2-309
;
(2)
commercial information or nonindividual financial information obtained from a person
if:
(a)
disclosure of the information could reasonably be expected to result in unfair
competitive injury to the person submitting the information or would impair the
ability of the governmental entity to obtain necessary information in the future;
(b)
the person submitting the information has a greater interest in prohibiting access than
the public in obtaining access; and
(c)
the person submitting the information has provided the governmental entity with the
information specified in Section
63G-2-309
;
(3)
commercial or financial information acquired or prepared by a governmental entity to
the extent that disclosure would lead to financial speculations in currencies, securities, or
commodities that will interfere with a planned transaction by the governmental entity or
cause substantial financial injury to the governmental entity or state economy;
(4)
records, the disclosure of which could cause commercial injury to, or confer a
competitive advantage upon a potential or actual competitor of, a commercial project
entity as defined in Subsection
11-13-103(4)
;
(5)
test questions and answers to be used in future license, certification, registration,
employment, or academic examinations;
(6)
records, the disclosure of which would impair governmental procurement proceedings
or give an unfair advantage to any person proposing to enter into a contract or agreement
with a governmental entity, except, subject to Subsections
(1)
and
(2)
, that this
Subsection
(6)
does not restrict the right of a person to have access to, after the contract
or grant has been awarded and signed by all parties:
(a)
a bid, proposal, application, or other information submitted to or by a governmental
entity in response to:
(i)
an invitation for bids;
(ii)
a request for proposals;
(iii)
a request for quotes;
(iv)
a grant; or
(v)
other similar document; or
(b)
an unsolicited proposal, as defined in Section
63G-6a-712
;
(7)
information submitted to or by a governmental entity in response to a request for
information, except, subject to Subsections
(1)
and
(2)
, that this Subsection
(7)
does not
restrict the right of a person to have access to the information, after:
(a)
a contract directly relating to the subject of the request for information has been
awarded and signed by all parties; or
(b)
(i)
a final determination is made not to enter into a contract that relates to the
subject of the request for information; and
(ii)
at least two years have passed after the day on which the request for information
is issued;
(8)
records that would identify real property or the appraisal or estimated value of real or
personal property, including intellectual property, under consideration for public
acquisition before any rights to the property are acquired unless:
(a)
public interest in obtaining access to the information is greater than or equal to the
governmental entity's need to acquire the property on the best terms possible;
(b)
the information has already been disclosed to persons not employed by or under a
duty of confidentiality to the entity;
(c)
in the case of records that would identify property, potential sellers of the described
property have already learned of the governmental entity's plans to acquire the
property;
(d)
in the case of records that would identify the appraisal or estimated value of
property, the potential sellers have already learned of the governmental entity's
estimated value of the property; or
(e)
the property under consideration for public acquisition is a single family residence
and the governmental entity seeking to acquire the property has initiated negotiations
to acquire the property as required under Section
78B-6-505
;
(9)
records prepared in contemplation of sale, exchange, lease, rental, or other compensated
transaction of real or personal property including intellectual property, which, if
disclosed prior to completion of the transaction, would reveal the appraisal or estimated
value of the subject property, unless:
(a)
the public interest in access is greater than or equal to the interests in restricting
access, including the governmental entity's interest in maximizing the financial
benefit of the transaction; or
(b)
when prepared by or on behalf of a governmental entity, appraisals or estimates of
the value of the subject property have already been disclosed to persons not
employed by or under a duty of confidentiality to the entity;
(10)
records created or maintained for civil, criminal, or administrative enforcement
purposes or audit purposes, or for discipline, licensing, certification, or registration
purposes, if release of the records:
(a)
reasonably could be expected to interfere with investigations undertaken for
enforcement, discipline, licensing, certification, or registration purposes;
(b)
reasonably could be expected to interfere with audits, disciplinary, or enforcement
proceedings;
(c)
would create a danger of depriving a person of a right to a fair trial or impartial
hearing;
(d)
reasonably could be expected to disclose the identity of a source who is not generally
known outside of government and, in the case of a record compiled in the course of
an investigation, disclose information furnished by a source not generally known
outside of government if disclosure would compromise the source; or
(e)
reasonably could be expected to disclose investigative or audit techniques,
procedures, policies, or orders not generally known outside of government if
disclosure would interfere with enforcement or audit efforts;
(11)
records the disclosure of which would jeopardize the life or safety of an individual;
(12)
records the disclosure of which would jeopardize the security of governmental
property, governmental programs, or governmental recordkeeping systems from
damage, theft, or other appropriation or use contrary to law or public policy;
(13)
records that, if disclosed, would jeopardize the security or safety of a correctional
facility, or records relating to incarceration, treatment, probation, or parole, that would
interfere with the control and supervision of an offender's incarceration, treatment,
probation, or parole;
(14)
records that, if disclosed, would reveal recommendations made to the Board of
Pardons and Parole by an employee of or contractor for the Department of Corrections,
the Board of Pardons and Parole, or the Department of Health and Human Services that
are based on the employee's or contractor's supervision, diagnosis, or treatment of any
person within the board's jurisdiction;
(15)
records and audit workpapers that identify audit, collection, and operational procedures
and methods used by the State Tax Commission, if disclosure would interfere with
audits or collections;
(16)
records of a governmental audit agency relating to an ongoing or planned audit until
the final audit is released;
(17)
records that are subject to the attorney client privilege;
(18)
records prepared for or by an attorney, consultant, surety, indemnitor, insurer,
employee, or agent of a governmental entity for, or in anticipation of, litigation or a
judicial, quasi-judicial, or administrative proceeding;
(19)
(a)
(i)
personal files of a state legislator, including personal correspondence to or
from a member of the Legislature; and
(ii)
notwithstanding Subsection
(19)(a)(i)
, correspondence that gives notice of
legislative action or policy may not be classified as protected under this section;
and
(b)
(i)
an internal communication that is part of the deliberative process in connection
with the preparation of legislation between:
(A)
members of a legislative body;
(B)
a member of a legislative body and a member of the legislative body's staff; or
(C)
members of a legislative body's staff; and
(ii)
notwithstanding Subsection
(19)(b)(i)
, a communication that gives notice of
legislative action or policy may not be classified as protected under this section;
(20)
(a)
records in the custody or control of the Office of Legislative Research and
General Counsel, that, if disclosed, would reveal a particular legislator's
contemplated legislation or contemplated course of action before the legislator has
elected to support the legislation or course of action, or made the legislation or course
of action public; and
(b)
notwithstanding Subsection
(20)(a)
, the form to request legislation submitted to the
Office of Legislative Research and General Counsel is a public document unless a
legislator asks that the records requesting the legislation be maintained as protected
records until such time as the legislator elects to make the legislation or course of
action public;
(21)
a research request from a legislator to a legislative staff member and research findings
prepared in response to the request;
(22)
drafts, unless otherwise classified as public;
(23)
records concerning a governmental entity's strategy about:
(a)
collective bargaining; or
(b)
imminent or pending litigation;
(24)
records of investigations of loss occurrences and analyses of loss occurrences that may
be covered by the Risk Management Fund, the Employers' Reinsurance Fund, the
Uninsured Employers' Fund, or similar divisions in other governmental entities;
(25)
records, other than personnel evaluations, that contain a personal recommendation
concerning an individual if disclosure would constitute a clearly unwarranted invasion
of personal privacy, or disclosure is not in the public interest;
(26)
records that reveal the location of historic, prehistoric, paleontological, or biological
resources that if known would jeopardize the security of those resources or of valuable
historic, scientific, educational, or cultural information;
(27)
records of independent state agencies if the disclosure of the records would conflict
with the fiduciary obligations of the agency;
(28)
records of an institution of higher education defined in Section
53H-1-101
regarding
tenure evaluations, appointments, applications for admissions, retention decisions, and
promotions, which could be properly discussed in a meeting closed in accordance with
Title
52, Chapter 4
, Open and Public Meetings Act, provided that records of the final
decisions about tenure, appointments, retention, promotions, or those students admitted,
may not be classified as protected under this section;
(29)
records of the governor's office, including budget recommendations, legislative
proposals, and policy statements, that if disclosed would reveal the governor's
contemplated policies or contemplated courses of action before the governor has
implemented or rejected those policies or courses of action or made them public;
(30)
records of the Office of the Legislative Fiscal Analyst relating to budget analysis,
revenue estimates, and fiscal notes of proposed legislation before issuance of the final
recommendations in these areas;
(31)
records provided by the United States or by a government entity outside the state that
are given to the governmental entity with a requirement that they be managed as
protected records if the providing entity certifies that the record would not be subject to
public disclosure if retained by it;
(32)
transcripts, minutes, recordings, or reports of the closed portion of a meeting of a
public body except as provided in Section
52-4-206
;
(33)
records that would reveal the contents of settlement negotiations but not including final
settlements or empirical data to the extent that they are not otherwise exempt from
disclosure;
(34)
memoranda prepared by staff and used in the decision-making process by an
administrative law judge, a member of the Board of Pardons and Parole, or a member of
any other body charged by law with performing a quasi-judicial function;
(35)
records that would reveal negotiations regarding assistance or incentives offered by or
requested from a governmental entity for the purpose of encouraging a person to expand
or locate a business in Utah, but only if disclosure would result in actual economic harm
to the person or place the governmental entity at a competitive disadvantage, but this
section may not be used to restrict access to a record evidencing a final contract;
(36)
materials to which access must be limited for purposes of securing or maintaining the
governmental entity's proprietary protection of intellectual property rights including
patents, copyrights, and trade secrets;
(37)
the name of a donor or a prospective donor to a governmental entity, including an
institution of higher education defined in Section
53H-1-101
, and other information
concerning the donation that could reasonably be expected to reveal the identity of the
donor, provided that:
(a)
the donor requests anonymity in writing;
(b)
any terms, conditions, restrictions, or privileges relating to the donation may not be
classified protected by the governmental entity under this Subsection
(37)
; and
(c)
except for an institution of higher education defined in Section
53H-1-101
, the
governmental unit to which the donation is made is primarily engaged in educational,
charitable, or artistic endeavors, and has no regulatory or legislative authority over
the donor, a member of the donor's immediate family, or any entity owned or
controlled by the donor or the donor's immediate family;
(38)
accident reports, except as provided in Sections
41-6a-404
,
41-12a-202
, and
73-18-13
;
(39)
a notification of workers' compensation insurance coverage described in Section
34A-2-205
;
(40)
subject to Subsections
(40)(g)
and
(h)
, the following records of an institution of higher
education defined in Section
53H-1-101
, which have been developed, discovered,
disclosed to, or received by or on behalf of faculty, staff, employees, or students of the
institution:
(a)
unpublished lecture notes;
(b)
unpublished notes, data, and information:
(i)
relating to research; and
(ii)
of:
(A)
the institution of higher education defined in Section
53H-1-101
; or
(B)
a sponsor of sponsored research;
(c)
unpublished manuscripts;
(d)
creative works in process;
(e)
scholarly correspondence;
and
(f)
confidential information contained in research proposals;
(g)
this Subsection
(40)
may not be construed to prohibit disclosure of public
information required pursuant to Subsection
53H-14-202(2)(a)
or (b); and
(h)
this Subsection
(40)
may not be construed to affect the ownership of a record;
(41)
(a)
records in the custody or control of the Office of the Legislative Auditor General
that would reveal the name of a particular legislator who requests a legislative audit
prior to the date that audit is completed and made public; and
(b)
notwithstanding Subsection
(41)(a)
, a request for a legislative audit submitted to the
Office of the Legislative Auditor General is a public document unless the legislator
asks that the records in the custody or control of the Office of the Legislative Auditor
General that would reveal the name of a particular legislator who requests a
legislative audit be maintained as protected records until the audit is completed and
made public;
(42)
records that provide detail as to the location of an explosive, including a map or other
document that indicates the location of:
(a)
a production facility; or
(b)
a magazine;
(43)
information contained in the statewide database of the Division of Aging and Adult
Services created by Section
26B-6-210
;
(44)
information contained in the Licensing Information System described in Title
80,
Chapter 2
, Child Welfare Services;
(45)
information regarding National Guard operations or activities in support of the
National Guard's federal mission;
(46)
records provided by any pawn or secondhand business to a law enforcement agency or
to the central database in compliance with Title
13, Chapter 32a
, Pawnshop, Secondhand
Merchandise, and Catalytic Converter Transaction Information Act;
(47)
information regarding food security, risk, and vulnerability assessments performed by
the Department of Agriculture and Food;
(48)
except to the extent that the record is exempt from this chapter pursuant to Section
63G-2-106
, records related to an emergency plan or program, a copy of which is
provided to or prepared or maintained by the Division of Emergency Management, and
the disclosure of which would jeopardize:
(a)
the safety of the general public; or
(b)
the security of:
(i)
governmental property;
(ii)
governmental programs; or
(iii)
the property of a private person who provides the Division of Emergency
Management information;
(49)
records of the Department of Agriculture and Food that provides for the identification,
tracing, or control of livestock diseases, including any program established under Title
4, Chapter 24
, Utah Livestock Brand and Anti-Theft Act, or Title
4, Chapter 31
, Control
of Animal Disease;
(50)
as provided in Section
26B-2-709
:
(a)
information or records held by the Department of Health and Human Services related
to a complaint regarding a provider, program, or facility which the department is
unable to substantiate; and
(b)
information or records related to a complaint received by the Department of Health
and Human Services from an anonymous complainant regarding a provider, program,
or facility;
(51)
unless otherwise classified as public under Section
63G-2-301
and except as provided
under Section
41-1a-116
, an individual's home address, home telephone number, or
personal mobile phone number, if:
(a)
the individual is required to provide the information in order to comply with a law,
ordinance, rule, or order of a government entity; and
(b)
the subject of the record has a reasonable expectation that this information will be
kept confidential due to:
(i)
the nature of the law, ordinance, rule, or order; and
(ii)
the individual complying with the law, ordinance, rule, or order;
(52)
the portion of the following documents that contains a candidate's residential or
mailing address, if the candidate provides to the filing officer another address or phone
number where the candidate may be contacted:
(a)
a declaration of candidacy, a nomination petition, or a certificate of nomination,
described in Section
20A-9-201
,
20A-9-202
,
20A-9-203
,
20A-9-404
,
20A-9-405
,
20A-9-408
,
20A-9-408.5
,
20A-9-502
, or
20A-9-601
;
(b)
an affidavit of impecuniosity, described in Section
20A-9-201
; or
(c)
a notice of intent to gather signatures for candidacy, described in Section
20A-9-408
;
(53)
the name, home address, work addresses, and telephone numbers of an individual that
is engaged in, or that provides goods or services for, medical or scientific research that is:
(a)
conducted within the state system of higher education, as described in Section
53H-1-102
; and
(b)
conducted using animals;
(54)
in accordance with Section
78A-12-203
, any record of the Judicial Performance
Evaluation Commission concerning an individual commissioner's vote, in relation to
whether a judge meets or exceeds minimum performance standards under Subsection
78A-12-203(4)
, and information disclosed under Subsection
78A-12-203(5)(e)
;
(55)
information collected and a report prepared by the Judicial Performance Evaluation
Commission concerning a judge, unless Section
20A-7-702
or Title
78A, Chapter 12
,
Judicial Performance Evaluation Commission Act, requires disclosure of, or makes
public, the information or report;
(56)
records provided or received by the Public Lands Policy Coordinating Office in
furtherance of any contract or other agreement made in accordance with Section
63L-11-202
;
(57)
information requested by and provided to the 911 Division under Section
63H-7a-302
;
(58)
in accordance with Section
73-10-33
:
(a)
a management plan for a water conveyance facility in the possession of the Division
of Water Resources or the Board of Water Resources; or
(b)
an outline of an emergency response plan in possession of the state or a county or
municipality;
(59)
the following records in the custody or control of the Office of Inspector General of
Medicaid Services, created in Section
63A-13-201
:
(a)
records that would disclose information relating to allegations of personal
misconduct, gross mismanagement, or illegal activity of a person if the information
or allegation cannot be corroborated by the Office of Inspector General of Medicaid
Services through other documents or evidence, and the records relating to the
allegation are not relied upon by the Office of Inspector General of Medicaid
Services in preparing a final investigation report or final audit report;
(b)
records and audit workpapers to the extent they would disclose the identity of a
person who, during the course of an investigation or audit, communicated the
existence of any Medicaid fraud, waste, or abuse, or a violation or suspected
violation of a law, rule, or regulation adopted under the laws of this state, a political
subdivision of the state, or any recognized entity of the United States, if the
information was disclosed on the condition that the identity of the person be
protected;
(c)
before the time that an investigation or audit is completed and the final investigation
or final audit report is released, records or drafts circulated to a person who is not an
employee or head of a governmental entity for the person's response or information;
(d)
records that would disclose an outline or part of any investigation, audit survey plan,
or audit program; or
(e)
requests for an investigation or audit, if disclosure would risk circumvention of an
investigation or audit;
(60)
records that reveal methods used by the Office of Inspector General of Medicaid
Services, the fraud unit, or the Department of Health and Human Services, to discover
Medicaid fraud, waste, or abuse;
(61)
information provided to the Department of Health and Human Services or the Division
of Professional Licensing under Subsections
58-67-304(3)
and
(4)
and Subsections
58-68-304(3)
and
(4)
;
(62)
a record described in Section
63G-12-210
;
(63)
captured plate data that is obtained through an automatic license plate reader system
used by a governmental entity as authorized in Section
41-6a-2003
;
(64)
an audio or video recording created by a body-worn camera, as that term is defined in
Section
77-7a-103
, that records sound or images inside a hospital or health care facility
as those terms are defined in Section
78B-3-403
, inside a clinic of a health care provider,
as that term is defined in Section
78B-3-403
, or inside a human service program as that
term is defined in Section
26B-2-101
, except for recordings that:
(a)
depict the commission of an alleged crime;
(b)
record any encounter between a law enforcement officer and a person that results in
death or bodily injury, or includes an instance when an officer fires a weapon;
(c)
record any encounter that is the subject of a complaint or a legal proceeding against a
law enforcement officer or law enforcement agency;
(d)
contain an officer involved critical incident as defined in Subsection
76-2-408(1)(f)
;
or
(e)
have been requested for reclassification as a public record by a subject or authorized
agent of a subject featured in the recording;
(65)
a record pertaining to the search process for a president of an institution of higher
education described in Section
53H-3-302
;
(66)
an audio recording that is:
(a)
produced by an audio recording device that is used in conjunction with a device or
piece of equipment designed or intended for resuscitating an individual or for treating
an individual with a life-threatening condition;
(b)
produced during an emergency event when an individual employed to provide law
enforcement, fire protection, paramedic, emergency medical, or other first responder
service:
(i)
is responding to an individual needing resuscitation or with a life-threatening
condition; and
(ii)
uses a device or piece of equipment designed or intended for resuscitating an
individual or for treating an individual with a life-threatening condition; and
(c)
intended and used for purposes of training emergency responders how to improve
their response to an emergency situation;
(67)
records submitted by or prepared in relation to an applicant seeking a recommendation
by the Research and General Counsel Subcommittee, the Budget Subcommittee, or the
Legislative Audit Subcommittee, established under Section
36-12-8
, for an employment
position with the Legislature;
(68)
work papers as defined in Section
31A-2-204
;
(69)
a record made available to Adult Protective Services or a law enforcement agency
under Section
61-1-206
;
(70)
a record submitted to the Insurance Department in accordance with Section
31A-37-201
;
(71)
a record described in Section
31A-37-503
;
(72)
any record created by the Division of Professional Licensing as a result of Subsection
58-37f-304(5)
or
58-37f-702(2)(a)(ii)
;
(73)
a record described in Section
72-16-306
that relates to the reporting of an injury
involving an amusement ride;
(74)
except as provided in Subsection
63G-2-305.5(1)
, the signature of an individual on a
political petition, or on a request to withdraw a signature from a political petition,
including a petition or request described in the following titles:
(a)
Title
10, Utah Municipal Code
;
(b)
Title
17, Counties
;
(c)
Title
17B, Limited Purpose Local Government Entities - Special Districts
;
(d)
Title
17D, Limited Purpose Local Government Entities - Other Entities
; and
(e)
Title
20A, Election Code
;
(75)
except as provided in Subsection
63G-2-305.5(2)
, the signature of an individual in a
voter registration record;
(76)
except as provided in Subsection
63G-2-305.5(3)
, any signature, other than a signature
described in Subsection
(74)
or
(75)
, in the custody of the lieutenant governor or a local
political subdivision collected or held under, or in relation to, Title
20A, Election Code
;
(77)
a Form I-918 Supplement B certification as described in Title
77, Chapter 38, Part 5
,
Victims Guidelines for Prosecutors Act;
(78)
a record submitted to the Insurance Department under Section
31A-48-103
;
(79)
personal information, as defined in Section
63G-26-102
, to the extent disclosure is
prohibited under Section
63G-26-103
;
(80)
an image taken of an individual during the process of booking the individual into jail,
unless:
(a)
the individual is convicted of a criminal offense based upon the conduct for which
the individual was incarcerated at the time the image was taken;
(b)
a law enforcement agency releases or disseminates the image:
(i)
after determining that the individual is a fugitive or an imminent threat to an
individual or to public safety and releasing or disseminating the image will assist
in apprehending the individual or reducing or eliminating the threat; or
(ii)
to a potential witness or other individual with direct knowledge of events relevant
to a criminal investigation or criminal proceeding for the purpose of identifying or
locating an individual in connection with the criminal investigation or criminal
proceeding;
(c)
a judge orders the release or dissemination of the image based on a finding that the
release or dissemination is in furtherance of a legitimate law enforcement interest; or
(d)
the image is displayed to a person who is permitted to view the image under Section
17-72-802
;
(81)
a record:
(a)
concerning an interstate claim to the use of waters in the Colorado River system;
(b)
relating to a judicial proceeding, administrative proceeding, or negotiation with a
representative from another state or the federal government as provided in Section
63M-14-205
; and
(c)
the disclosure of which would:
(i)
reveal a legal strategy relating to the state's claim to the use of the water in the
Colorado River system;
(ii)
harm the ability of the Colorado River Authority of Utah or river commissioner to
negotiate the best terms and conditions regarding the use of water in the Colorado
River system; or
(iii)
give an advantage to another state or to the federal government in negotiations
regarding the use of water in the Colorado River system;
(82)
any part of an application described in Section
63N-16-201
that the Governor's Office
of Economic Opportunity determines is nonpublic, confidential information that if
disclosed would result in actual economic harm to the applicant, but this Subsection
(82)

may not be used to restrict access to a record evidencing a final contract or approval
decision;
(83)
the following records of a drinking water or wastewater facility:
(a)
an engineering or architectural drawing of the drinking water or wastewater facility;
and
(b)
except as provided in Section
63G-2-106
, a record detailing tools or processes the
drinking water or wastewater facility uses to secure, or prohibit access to, the records
described in Subsection
(83)(a)
;
(84)
a statement that an employee of a governmental entity provides to the governmental
entity as part of the governmental entity's personnel or administrative investigation into
potential misconduct involving the employee if the governmental entity:
(a)
requires the statement under threat of employment disciplinary action, including
possible termination of employment, for the employee's refusal to provide the
statement; and
(b)
provides the employee assurance that the statement cannot be used against the
employee in any criminal proceeding;
(85)
any part of an application for a Utah Fits All Scholarship account described in Section
53F-6-402
or other information identifying a scholarship student as defined in Section
53F-6-401
;
(86)
a record:
(a)
concerning a claim to the use of waters in the Great Salt Lake;
(b)
relating to a judicial proceeding, administrative proceeding, or negotiation with a
person concerning the claim, including a representative from another state or the
federal government; and
(c)
the disclosure of which would:
(i)
reveal a legal strategy relating to the state's claim to the use of the water in the
Great Salt Lake;
(ii)
harm the ability of the Great Salt Lake commissioner to negotiate the best terms
and conditions regarding the use of water in the Great Salt Lake; or
(iii)
give an advantage to another person including another state or to the federal
government in negotiations regarding the use of water in the Great Salt Lake;
(87)
a consumer complaint described in Section
13-2-11
, unless the consumer complaint is
reclassified as public as described in Subsection
13-2-11(4)
;
(88)
a record of the Utah water agent, appointed under Section
73-10g-702
:
(a)
concerning a claim to the use of waters;
(b)
relating to a judicial proceeding, administrative proceeding, or negotiation with a
representative from another state, a tribe, the federal government, or other
government entity as provided in Title 73, Chapter 10g, Part 7, Utah Water Agent;
and
(c)
the disclosure of which would:
(i)
reveal a legal strategy relating to the state's claim to the use of the water;
(ii)
harm the ability of the Utah water agent to negotiate the best terms and conditions
regarding the use of water; or
(iii)
give an advantage to another state, a tribe, the federal government, or other
government entity in negotiations regarding the use of water;
and
(89)
a record created or maintained for an investigation of the Prosecutor Conduct
Commission, created in Section
63M-7-1102
, that contains any personal identifying
information of a prosecuting attorney, including:
(a)
a complaint, or a document that is submitted or created for a complaint, received by
the Prosecutor Conduct Commission; or
(b)
a finding by the Prosecutor Conduct Commission
.
; and
(90)
a report that a participating plan provider submits to the state treasurer's office in
accordance with Subsection
67-4-23(5)
.
Section 2. Section
67-4-23
is enacted to read:
67-4-23
. Retirement plan exchange.
(1)
As used in this section:
(a)
"Automatic-enrollment individual retirement account arrangement" means an
individual retirement account that:
(i)
allows an employee to contribute via payroll deduction;
(ii)
does not permit employer contributions;
(iii)
automatically enrolls each eligible employee at a default contribution rate, unless
the employee opts out or chooses a different contribution rate;
(iv)
complies with federal safe harbor requirements for payroll deduction individual
retirement accounts; and
(v)
is portable and fully vested from the time of contribution.
(b)
"Automatic-enrollment 401(k) plan" means a defined contribution plan that:
(i)
meets the requirements of Section 401(k) of the Internal Revenue Code;
(ii)
automatically enrolls each eligible employee unless the employee opts out;
(iii)
allows but does not require employer contributions; and
(iv)
includes default investment options consistent with Section 404(c) of the
Employee Retirement Income Security Act, including the rules governing
qualified default investment alternatives.
(c)
"Eligible employer" means a non-governmental entity that:
(i)
is located in the state or operates in the state; and
(ii)
has one or more employees.
(d)
"Eligible employee" means an individual who:
(i)
works for an eligible employer; and
(ii)
receives from the eligible employer compensation that is reportable on Internal
Revenue Service Form W-2.
(e)
"Exchange" means the online portal described in Subsection
(2)(a)(i)
.
(f)
"Individual retirement account" means:
(i)
an individual retirement account under Section 408 of the Internal Revenue Code;
or
(ii)
a Roth individual retirement account under Section 408A of the Internal Revenue
Code.
(g)
"Office" means the state treasurer's office.
(h)
"Participating employee" means an eligible employee who is enrolled in a qualified
retirement plan that the eligible employee's employer selected through the exchange.
(i)
"Participating employer" means an eligible employer who selects a qualified
retirement plan through the exchange.
(j)
"Participating plan provider" means a plan provider that has a listing on the exchange.
(k)
"Plan provider" means any entity that offers a qualified retirement plan.
(l)
"Qualified default investment alternative" means the same as that term is defined in
29 C.F.R. 2550.404c-5.
(m)
"Qualified retirement plan" means an automatic-enrollment individual retirement
account arrangement or an automatic-enrollment 401(k) plan.
(n)
"Small business" means an eligible employer with 50 or fewer employees.
(2)
(a)
The office shall:
(i)
establish and maintain a secure, publicly accessible online portal through which an
eligible employer may review, compare, and select one or more qualified
retirement plans for the benefit of the eligible employer's employees;
(ii)
create and disseminate educational resources for eligible employers and eligible
employees related to:
(A)
retirement savings benefits and options; and
(B)
the benefits of a financial advisor;
(iii)
promote among small businesses retirement savings and use of the exchange;
(iv)
collect from participating plan providers information regarding eligible
employers' use of the exchange; and
(v)
establish a mechanism for soliciting and receiving feedback regarding the
exchange from eligible employers and eligible employees.
(b)
The office shall ensure that the exchange:
(i)
provides eligible employers access to qualified retirement plans;
(ii)
does not include retirement arrangements other than qualified retirement plans;
(iii)
presents each qualified retirement plan in a standardized and transparent format
that includes for each qualified retirement plan:
(A)
a summary of the qualified retirement plan's key features;
(B)
disclosure of all fees;
(C)
an investment menu and performance data, as provided by the plan provider;
(D)
a summary of fiduciary roles and responsibilities; and
(E)
a description of the enrollment and withdrawal processes; and
(iv)
includes a comparison tool that allows an eligible employer to filter and compare
qualified retirement plans based on plan features, including cost, investment
lineup, service model, and other relevant criteria.
(3)
(a)
Subject to Subsections
(3)(b)
and
(c)
, the office shall list on the exchange a plan
provider's qualified retirement plan if the plan provider:
(i)
submits an application for listing to the office;
(ii)
complies with all applicable state and federal laws regulating the plan provider's
activities;
(iii)
is in good standing with all relevant state and federal regulating entities;
(iv)
for compliance and informational purposes, consents to monitoring by and
periodic reporting to the office; and
(v)
satisfies any additional criteria the office establishes by rule.
(b)
During the first 24 calendar months after the exchange begins operation, the office
may limit the number of plan providers allowed to list a qualified retirement plan on
the exchange, if the office bases the limitation on neutral, objective criteria
established by rule, including readiness, technical feasibility, or availability of plan
offerings.
(c)
Within a reasonable time after the time period described in Subsection
(3)(b)
expires,
the office shall list on the exchange each qualified retirement plan approved in
accordance with Subsection
(3)(b)
.
(4)
The office may limit the qualified retirement plans that the exchange presents to an
eligible employer conducting a search on the exchange, if:
(a)
the purpose of limiting the qualified retirement plans is to enhance usability;
(b)
the office determines which qualified retirement plans the exchange presents by
using a methodology that ensures each participating plan provider has a comparable
number of qualified retirement plans presented to eligible employers over a defined
time period; and
(c)
the office maintains on the exchange a publicly accessible and searchable list of all
qualified retirement plans listed on the exchange.
(5)
(a)
Each participating plan provider shall annually submit to the office a report that
includes for the fiscal year:
(i)
the number of eligible employers and eligible employees participating in the
participating plan provider's qualified retirement plans through the exchange;
(ii)
for the participating plan provider's qualified retirement plans listed on the
exchange:
(A)
the total assets administered by the participating plan provider;
(B)
the average account balance;
(C)
the eligible employee opt-out rate; and
(D)
each material change to the structure, fees, or investments that occurred
during the fiscal year.
(b)
A report described in Subsection
(5)(a)
is a protected record as provided in Section
63G-2-305
.
(6)
A participating plan provider shall promptly notify the office of any legal or regulatory
action affecting the participating plan provider's ability to comply with the provisions of
this section.
(7)
The office may remove or suspend a plan provider's listing if the office determines that
the plan provider:
(a)
fails to comply with a provision of this section;
(b)
submits to the office false or misleading information;
(c)
engages in conduct that is detrimental to participating employers or participating
employees, including charging excessive fees, mismanaging assets, or breaching a
fiduciary duty; or
(d)
fails to cooperate with an office request related to the monitoring or reporting
described in Subsection
(3)(a)(iv)
.
(8)
In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
office shall make rules establishing:
(a)
procedures and criteria for applying to list a qualified retirement plan under
Subsection
(3)(a)
;
(b)
monitoring and reporting requirements for participating plan providers;
(c)
the neutral, objective criteria used to limit participating plan providers under
Subsection
(3)(b)
;
(d)
the methodology and time period described in Subsection
(4)(b)
; and
(e)
procedures for suspension or removal under Subsection
(7)
.
(9)
(a)
In accordance with Title 63G, Chapter 6a, Utah Procurement Code, the office may
contract with one or more providers to fulfill the office's duties under this section.
(b)
The office may not contract under this Subsection (9) with a plan provider.
(10)
Nothing in this section authorizes the state or any subdivision of the state to:
(a)
assume fiduciary responsibility with respect to any qualified retirement plan offered
through the exchange;
(b)
act as a fiduciary, investment manager, or plan sponsor as those terms are defined in
29 U.S.C. Sec. 1002;
(c)
act as an investment adviser as defined in 15 U.S.C. Sec. 80b-2;
(d)
endorse, recommend, rate, or guarantee the performance or suitability of any
qualified retirement plan listed on the exchange; or
(e)
provide individualized financial advice.
(11)
The office shall:
(a)
establish the exchange platform no later than November 2, 2026;
(b)
begin accepting applications from plan providers no later than November 2, 2026;
and
(c)
ensure the exchange begins operation no later than January 1, 2027.
Section 3.
Effective Date.
This bill takes effect on
May 6, 2026
.
2-25-26 9:52 AM