“Amortization rate” means the amortization rate, as defined in Section 49-11-102, to be applied to the system that would have covered the retiree if the retiree’s part-time position were considered to be an eligible, full-time position within that system.
Terms Used In Utah Code 49-11-1301
Amortization: Paying off a loan by regular installments.
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
Full-time: means a:
(a)
regular full-time employee whose term of employment for a participating employer contemplates continued employment during a fiscal or calendar year and whose employment normally requires an average of 40 hours or more per week and who receives benefits normally provided by the participating employer;
(b)
teacher whose term of employment for a participating employer contemplates continued employment during a school year and who teaches full time;
(c)
firefighter service employee whose employment normally requires an average of 2,080 hours of regularly scheduled firefighter service per year; and
(d)
public safety service employee whose employment normally requires an average of 2,080 hours of regularly scheduled public safety service per year. See Utah Code 49-11-1301
Half-time: means :
(a)
a regular employee whose term of employment for a participating employer contemplates continued employment during a fiscal or calendar year and whose employment normally requires an average of 20 hours per week and who receives benefits normally provided by the participating employer;
(b)
a teacher whose term of employment for a participating employer contemplates continued employment during a school year and who teaches half time;
(c)
a firefighter service employee whose employment normally requires an average of 1,040 hours of regularly scheduled firefighter service per year;
(d)
a public safety service employee whose employment normally requires an average of 1,040 hours of regularly scheduled public safety service per year; and
(e)
for a retiree employed before retirement as a public safety service employee or a firefighter service employee in a position for which the participating employer established a regularly scheduled work period in excess of 2,080 hours per year, one-half of that regularly scheduled work period as long as the retiree has continuing employment in that same position. See Utah Code 49-11-1301
Retiree: means an individual who has qualified for an allowance under this title. 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
Retirement date: means the date selected by the member on which the member's retirement becomes effective with the office. See Utah Code 49-11-102
a firefighter service employee whose employment normally requires an average of 1,560 hours of regularly scheduled firefighter service per year;
(b)
a public safety service employee whose employment normally requires an average of 1,560 hours of regularly scheduled public safety service per year; and
(c)
for a retiree who was employed before retirement as a public safety service employee or a firefighter service employee in a position for which the participating employer established a regularly scheduled work period in excess of 2,080 hours per year, three quarters of that regularly scheduled work period as long as the retiree has continuing employment in that same position. See Utah Code 49-11-1301
(2)
“Full-time” means a:
(a)
regular full-time employee whose term of employment for a participating employer contemplates continued employment during a fiscal or calendar year and whose employment normally requires an average of 40 hours or more per week and who receives benefits normally provided by the participating employer;
(b)
teacher whose term of employment for a participating employer contemplates continued employment during a school year and who teaches full time;
(c)
firefighter service employee whose employment normally requires an average of 2,080 hours of regularly scheduled firefighter service per year; and
(d)
public safety service employee whose employment normally requires an average of 2,080 hours of regularly scheduled public safety service per year.
(3)
“Half-time” means:
(a)
a regular employee whose term of employment for a participating employer contemplates continued employment during a fiscal or calendar year and whose employment normally requires an average of 20 hours per week and who receives benefits normally provided by the participating employer;
(b)
a teacher whose term of employment for a participating employer contemplates continued employment during a school year and who teaches half time;
(c)
a firefighter service employee whose employment normally requires an average of 1,040 hours of regularly scheduled firefighter service per year;
(d)
a public safety service employee whose employment normally requires an average of 1,040 hours of regularly scheduled public safety service per year; and
(e)
for a retiree employed before retirement as a public safety service employee or a firefighter service employee in a position for which the participating employer established a regularly scheduled work period in excess of 2,080 hours per year, one-half of that regularly scheduled work period as long as the retiree has continuing employment in that same position.
(4)
“Phased retirement” means continuing employment:
(a)
on a half-time basis of a retiree with the same participating employer following the retiree’s retirement date while the retiree receives a reduced retirement allowance; or
(b)
on a three-quarter time basis of a retiree with the same participating employer following the retiree’s retirement date while the retiree receives a reduced retirement allowance if the retiree is employed as a public safety service employee or a firefighter service employee.
(5)
“Three-quarter time” means:
(a)
a firefighter service employee whose employment normally requires an average of 1,560 hours of regularly scheduled firefighter service per year;
(b)
a public safety service employee whose employment normally requires an average of 1,560 hours of regularly scheduled public safety service per year; and
(c)
for a retiree who was employed before retirement as a public safety service employee or a firefighter service employee in a position for which the participating employer established a regularly scheduled work period in excess of 2,080 hours per year, three quarters of that regularly scheduled work period as long as the retiree has continuing employment in that same position.
