Idaho Code 59-1358 – Computation of Separation Benefits
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 59-1358
- Accumulated contributions: means the sum of amounts contributed by a member of the system, together with regular interest credit thereon. See Idaho Code 59-1302
- Member: means an active member, inactive member or a retired member. See Idaho Code 59-1302
- Retirement: means the acceptance of a retirement allowance under this chapter upon termination of employment and, unless otherwise provided by law, requires a termination of employment from an employer participating in PERSI, the judges retirement fund, the firefighters retirement fund or the optional retirement plan. See Idaho Code 59-1302
- Separation benefit: means the amount, if any, pursuant to section 59-1359, Idaho Code. See Idaho Code 59-1302
The separation benefit shall equal the excess, if any, of the member’s accumulated contributions at the time the benefit becomes payable over the aggregate of all retirement allowance payments ever made to the member.