Utah Code 49-11-1001. Partial lump-sum payment option

(1)	Except as provided in Subsection (5), at the time of application for retirement, a member may elect to receive a lump-sum payment of a portion of the member’s retirement allowance equal to 12 or 24 months of the member’s allowance to be paid upon retirement.

Terms Used In Utah Code 49-11-1001

Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
Member: means a person, except a retiree, with contributions on deposit with a system, the Utah Governors' and Legislators' Retirement Plan under Chapter 19, Utah Governors' and Legislators' Retirement Act, or with a terminated system. See Utah Code 49-11-102
Participant: means an individual with voluntary deferrals or nonelective contributions on deposit with the defined contribution plans administered under this title. See Utah Code 49-11-102
Plan: means the Utah Governors' and Legislators' Retirement Plan created by Chapter 19, Utah Governors' and Legislators' Retirement Act, the New Public Employees' Tier II Defined Contribution Plan created by 4, the New Public Safety and Firefighter Tier II Defined Contribution Plan created by 4, or the defined contribution plans created under Section 49-11-801. 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
retirement allowance: means the pension plus the annuity, including any cost of living or other authorized adjustments to the pension and annuity. See Utah Code 49-11-102
System: means the individual retirement systems created by Chapter 12, Public Employees' Contributory Retirement Act, Chapter 13, Public Employees' Noncontributory Retirement Act, Chapter 14, Public Safety Contributory Retirement Act, Chapter 15, Public Safety Noncontributory Retirement Act, Chapter 16, Firefighters' Retirement Act, Chapter 17, Judges' Contributory Retirement Act, Chapter 18, Judges' Noncontributory Retirement Act, and Chapter 19, Utah Governors' and Legislators' Retirement Act, the defined benefit portion of the Tier II Hybrid Retirement System under 3, and the defined benefit portion of the Tier II Hybrid Retirement System under 3. See Utah Code 49-11-102
Tier II: includes :

(i)

the Tier II hybrid system established under:

(A)

3; or

(B)

3; and

(ii)

the Tier II Defined Contribution Plan (Tier II DC Plan) established under:

(A)

4; or

(B)	4. See Utah Code 49-11-102
(2)	The member’s allowance shall be reduced to reflect the actuarial value of the lump-sum received under Subsection (1).

(3)	A member who has received a lump-sum payment under this section is not eligible for another lump-sum payment under this section.

(4)	The board may make rules to implement this section.

(5)	A member or participant of a system or plan under Chapter 22, New Public Employees’ Tier II Contributory Retirement Act, or Chapter 23, New Public Safety and Firefighter Tier II Contributory Retirement Act, is not eligible to make an election under this section.

Amended by Chapter 266, 2010 General Session

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