Section 306 – Lump-sum death benefit for retiree and spouse.
49-23-306. Lump-sum death benefit for retiree and spouse. (1) (a) Upon retirement, a retiree may elect to have the office deduct an actuarially determined amount from the retiree’s allowance to provide a lump-sum benefit payable to a beneficiary upon the death of the retiree. (b) Upon retirement, a retiree may also elect to have an […]
Section 307 – Defined benefit annual cost-of-living adjustment.
49-23-307. Defined benefit annual cost-of-living adjustment. (1) The office shall make an annual cost-of-living adjustment to: (a) an original allowance paid under Section 49-23-305, if the allowance has been paid for at least one year; and (b) an original payment made to an alternate payee under a domestic relations order, if the payment is to […]
Section 308 – Purchase of service credit — Conditions — Cost — Nondiscrimination policy.
49-23-308. Purchase of service credit — Conditions — Cost — Nondiscrimination policy. (1) (a) A member may purchase or a member and a participating employer may jointly purchase a maximum of five years of service credit which cannot otherwise be purchased under this title. (b) At a minimum, the years of service credit purchased shall […]
Section 403 – Eligibility to receive a retirement allowance for a benefit tied to a retirement date for defined contribution members.
Effective 7/1/2021 49-22-403. Eligibility to receive a retirement allowance for a benefit tied to a retirement date for defined contribution members. (1) As used in this section, “eligible to receive a retirement allowance” means the date selected by the member who is a participant under this part on which the member has ceased employment and […]
Section 502 – Death of married members — Service retirement benefits to surviving spouse.
Effective 5/10/2016 49-22-502. Death of married members — Service retirement benefits to surviving spouse. (1) As used in this section, “member’s full allowance” means an Option Three allowance calculated under Section 49-22-305 without an actuarial reduction. (2) Upon the request of a deceased member’s surviving spouse, the deceased member is considered to have retired under […]
Section 503 – Death of members — Exemption from vesting requirements for employer nonelective contributions to defined contribution plan.
Effective 5/12/2015 49-22-503. Death of members — Exemption from vesting requirements for employer nonelective contributions to defined contribution plan. (1) (a) If an active member dies, employer nonelective contributions made on behalf of the employee to a defined contribution plan under Section 49-22-303 or 49-22-401 are exempt from the vesting requirements of Subsections 49-22-303(2)(a) and […]
Section 309 – Purchase of service credit — Conditions — Cost — Nondiscrimination policy.
49-22-309. Purchase of service credit — Conditions — Cost — Nondiscrimination policy. (1) (a) A member may purchase or a member and a participating employer may jointly purchase a maximum of five years of service credit which cannot otherwise be purchased under this title. (b) At a minimum, the years of service credit purchased shall […]
Section 310 – Defined benefit adjustments — Conditions — Process — Future years accrual.
Effective 7/1/2020 49-22-310. Defined benefit adjustments — Conditions — Process — Future years accrual. (1) In accordance with this section and except as provided in Subsection 49-23-301(6)(b), the Legislature may make adjustments to the benefits provided for the defined benefit portion of the Tier II Hybrid Retirement System created under this part if the member’s […]
Section 401 – Contributions — Rates.
Effective 7/1/2022 49-22-401. Contributions — Rates. (1) Up to the amount allowed by federal law, the participating employer shall make a nonelective contribution of 10% of the participant’s compensation to a defined contribution plan. (2) (a) The participating employer shall contribute the 10% nonelective contribution described in Subsection (1) to a defined contribution plan qualified […]
Section 402 – Defined contribution distributions for members with a disability.
49-22-402. Defined contribution distributions for members with a disability. For a person with a disability who receives contributions under Subsection 49-11-404(4)(b), the member with a disability may begin receiving distributions from the defined contributions made by the participating employer on behalf of the member with a disability when the person would have been eligible to […]