Utah Code 49-16-301. Contributions — Two divisions — Election by employer to pay employee contributions — Accounting for and vesting of worker contributions — Deductions
In addition to the money paid to this system under Section 49-11-901.5, participating employers and firefighter service employees shall jointly pay the certified contribution rates to the office to maintain this system on a financially and actuarially sound basis.
Terms Used In Utah Code 49-16-301
Compensation: includes performance-based bonuses and cost-of-living adjustments. See Utah Code 49-16-102
Employer: means any department, educational institution, or political subdivision of the state eligible to participate in a government-sponsored retirement system under federal law. See Utah Code 49-11-102
Firefighter service: means employment normally requiring an average of 2,080 hours of regularly scheduled employment per year rendered by a member who is:
(i)
a firefighter service employee trained in firefighter techniques and assigned to a position of hazardous duty with a regularly constituted fire department; or
(ii)
the state fire marshal appointed under Section 53-7-103 or a deputy state fire marshal. See Utah Code 49-16-102
Member contributions: means the sum of the contributions paid to a system or the Utah Governors' and Legislators' Retirement Plan, including refund interest if allowed by a system, and which are made by:
(a)
the member; and
(b)
the participating employer on the member's behalf under Section 414(h) of the Internal Revenue Code. See Utah Code 49-11-102
Participating employer: means an employer that meets the participation requirements of Section 49-16-201. See Utah Code 49-16-102
System: means the Firefighters' Retirement System created under this chapter. See Utah Code 49-16-102
(2)
For purposes of determining contribution rates, this system is divided into two divisions according to Social Security coverage as follows:
(a)
members of this system with on-the-job Social Security coverage are in Division A; and
(b)
members of this system without on-the-job Social Security coverage are in Division B.
(3)
(a)
A participating employer may elect to pay all or part of the required membercontributions, in addition to the required participating employer contributions.
(b)
Any amount contributed by a participating employer under this section shall vest to the member’s benefit as though the member had made the contribution.
(c)
The required member contributions shall be reduced by the amount that is paid by the participating employer.
(4)
(a)
All member contributions are credited by the office to the account of the individual member.
(b)
This amount is held in trust for the payment of benefits to the member or the member’s beneficiaries.
(c)
All member contributions are vested and nonforfeitable.
(5)
(a)
Each member is considered to consent to payroll deductions of member contributions.
(b)
The payment of compensation less these payroll deductions is considered to be full payment for services rendered by the member.
Amended by Chapter 290, 2011 General Session Amended by Chapter 439, 2011 General Session
