In addition to the money paid to this system under Subsection (3), participating employers and members 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 49-17-301
Compensation: includes :
(i)
performance-based bonuses;
(ii)
cost-of-living adjustments;
(iii)
payments subject to Social Security deductions;
(iv)
any payments in excess of the maximum amount subject to deduction under Social Security law;
(v)
amounts which the member authorizes to be deducted or reduced for salary deferral or other benefits authorized by federal law; and
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
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
Refund interest: means the amount accrued on member contributions at a rate adopted by the board. See Utah Code 49-11-102
Retirement: means the status of an individual who has become eligible, applies for, and is entitled to receive an allowance under this title. See Utah Code 49-11-102
System: means the Judges' Contributory Retirement System created under this chapter. See Utah Code 49-17-102
(2)
The participating employer may make contributions on behalf of members of this system in addition to the contribution required of the participating employer, except that 2% of compensation shall be paid by the member.
