Effective 7/1/2020 49-23-302. 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 public safety service employee or firefighter service employee who is a member of this […]
Effective 7/1/2020 49-23-303. 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Effective 7/1/2019 49-23-309. Defined benefit adjustments — Conditions — Process — Future years accrual. (1) In accordance with this section, 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 contribution required under Subsection 49-23-301(2)(b) to the […]
