Section 304 – Defined benefit service retirement plans — Calculation of retirement allowance — Social security limitations.
Effective 7/1/2020 49-23-304. Defined benefit service retirement plans — Calculation of retirement allowance — Social security limitations. (1) (a) Except as provided under Subsection (6), the retirees of this system may choose from the six retirement options described in this section. (b) Options Two, Three, Four, Five, and Six are modifications of the Option One […]
Section 305 – Allowance payable by lump-sum payment.
49-23-305. Allowance payable by lump-sum payment. (1) If a retiree’s allowance, as computed under this chapter, amounts to $25 or less, the allowance may be settled by the office by making a lump-sum payment of an amount actuarially equivalent to the allowance. (2) A payment made under this section constitutes a full and complete settlement […]
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 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 307 – Lump-sum death benefit for retiree and spouse.
49-22-307. 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 308 – Defined benefit annual cost-of-living adjustment.
49-22-308. 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 49-22-305, 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 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 […]