A retirement benefit reserve is hereby created to provide retirement benefits to retirees and cobeneficiaries. Source: L. 87: Entire article R&RE, p. 1060, § 1, effective July 1. Editor’s note: This section is similar to former § 24-51-106 as it existed prior to 1987. Cross references: For retirement of supreme court justices, other than under […]
Members, except state troopers, who have five years of service credit as of January 1, 2011, and who have met the age and service credit requirements stated in the following table shall, upon written application and approval of the board, receive service retirement benefits pursuant to the benefit formula set forth in section 24-51-603 (1)(a), […]
Except as otherwise provided in subsection (2) of this section, effective July 1, 1997, the option 1 benefit or option A benefit, whichever is applicable, for service retirement for members shall be calculated by multiplying the highest average salary by two and one-half percent times each year and fraction of a year of service credit. […]
DPS members with less than five years of service credit as of January 1, 2011, and members who were members, inactive members, or retirees on December 31, 2019, and who have met the age and service credit requirements stated in the following table and who do not meet the requirements of section 24-51-602 shall, upon […]
For a member who is a state trooper, who is eligible to retire on and after July 1, 1998, but on or before January 1, 2011, and who retires upon reaching fifty years of age or older but before reaching sixty years of age, a reduced service retirement benefit shall be the option 1 benefit […]
Members and vested inactive members who have met the age and service credit requirements for eligibility for a service retirement benefit or a reduced service retirement benefit shall, upon written application and approval of the board, receive the greater of: The retirement benefit calculated pursuant to section 24-51-603 or 24-51-605 for which the member is […]
Any member who was a member, inactive member, or retiree on December 31, 2006, who has earned at least five years of service credit and who terminates membership and does not elect to receive a refund pursuant to the provisions of section 24-51-405 shall be eligible for a benefit to become effective upon reaching the […]
A vested inactive member who was a member or inactive member on December 31, 2006, who has reached the age and service requirements for a service or reduced service retirement benefit on or before January 1, 2011, and who has at least twenty-five years of service credit prior to terminating membership shall be eligible, upon […]
A benefit for service retirement or reduced service retirement involving direct payments made by a vested inactive member shall be the option 1 benefit for service retirement, as calculated according to the formula set forth in section 24-51-603 or 24-51-605; except that the amount of the benefit shall then be multiplied by the ratio of […]
Service credit in excess of twenty years accrued on or before July 1, 1969, shall be included in the computation of the option 1 initial benefit for service retirement pursuant to the provisions of section 24-51-603 or 24-51-605, whichever is applicable. On or before July 1, 1993, the association shall recalculate the initial benefit for […]
The division in which the retiree had membership immediately preceding the date of retirement shall be the division from which the member retires. Source: L. 87: Entire article R&RE, p. 1063, § 1, effective July 1. L. 2009: Entire section amended, (SB 09-282), ch. 288, p. 1345, § 31, effective January 1, 2010.
Notwithstanding any other provision of this article, no benefit paid to any benefit recipient shall exceed the maximum permitted for qualified retirement plans pursuant to section 401 (a)(17) or section 415 of the federal “Internal Revenue Code of 1986”, as amended, including but not limited to all cost-of-living adjustments permitted by such code. Any changes […]
Payment of retirement benefits, for vested inactive members and deferred DPS members who are eligible to receive retirement benefits and who have not applied for such pursuant to the provisions of section 24-51-602, shall commence no later than April 1 of the calendar year following the calendar year in which the vested inactive member or […]
Distribution of benefits from each division trust fund shall be made in accordance with section 401 (a)(9) of the federal “Internal Revenue Code of 1986”, as amended, including the incidental death benefit requirement in section 401 (a)(9)(G), and the applicable treasury regulations and internal revenue service rulings and other interpretations issued thereunder, including treasury regulations […]
