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 […]
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 […]
Section 202 – Participation of employers — Limitations — Exclusions — Admission requirements.
Effective 3/22/2018 49-22-202. Participation of employers — Limitations — Exclusions — Admission requirements. (1) Unless excluded under Subsection (2), an employer is a participating employer and may not withdraw from participation in this system. (2) The following employers may be excluded from participation in this system: (a) an employer not initially admitted or included as […]
Section 204 – Higher education employees’ eligibility requirements — Election between different retirement plans — Classification requirements — Transfer between systems.
Effective 7/1/2022 49-22-204. Higher education employees’ eligibility requirements — Election between different retirement plans — Classification requirements — Transfer between systems. (1) (a) A regular full-time employee of an institution of higher education who is eligible to participate in either this system or in a retirement annuity contract with a public or private system, organization, […]
Section 205 – Exemptions from participation in system.
Effective 7/1/2022 49-22-205. Exemptions from participation in system. (1) Upon filing a written request for exemption with the office, the following employees are exempt from participation in the system as provided in this section: (a) an executive department head of the state; (b) a member of the State Tax Commission; (c) a member of the […]
Section 301 – Contributions.
49-22-301. Contributions. (1) Participating employers and members shall pay the certified contribution rates to the office to maintain the defined benefit portion of this system on a financially and actuarially sound basis. (2) (a) A participating employer shall pay up to 10% of compensation toward the certified contribution rate to the office for the defined […]