Section 303 – Defined contribution benefit established — Contribution by employer and employee — Vesting of contributions — Plans to be separate — Tax-qualified status of plans.
Effective 5/10/2016 49-22-303. Defined contribution benefit established — Contribution by employer and employee — Vesting of contributions — Plans to be separate — Tax-qualified status of plans. (1) (a) A participating employer shall make a nonelective contribution on behalf of each regular full-time employee who is a member of this system in an amount equal […]
Section 304 – Defined benefit eligibility for an allowance — Date of retirement — Qualifications.
Effective 7/1/2020 49-22-304. Defined benefit eligibility for an allowance — Date of retirement — Qualifications. (1) A member is qualified to receive an allowance from this system when: (a) except as provided under Subsection (3), the member ceases actual work for every participating employer that employs the member before the member’s retirement date and provides […]
Section 305 – Defined benefit service retirement plans — Calculation of retirement allowance — Social security limitations.
Effective 7/1/2019 49-22-305. 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 306 – Allowance payable by lump-sum payment.
49-22-306. 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 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 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 […]