49-11-1303. Phased retirement — Eligibility — Restrictions — Amortization rate — Public safety service or firefighter service employees.
(1)
A retiree is eligible for employment with only one position for only one participating employer under phased retirement following the retiree’s retirement date if:
Terms Used In Utah Code 49-11-1303
Alternate payee: means a member's former spouse or family member eligible to receive payments under a Domestic Relations Order in compliance with Section 49-11-612. See Utah Code 49-11-102
Amortization: Paying off a loan by regular installments.
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. See Utah Code 49-11-1301
Beneficiary: means any person entitled to receive a payment under this title through a relationship with or designated by a member, participant, covered individual, or alternate payee of a defined contribution plan. See Utah Code 49-11-102
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Certified contribution rate: means the board certified percent of salary paid on behalf of an active member to the office to maintain the system on a financially and actuarially sound basis. See Utah Code 49-11-102
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
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
Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
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. 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
Service credit: means :
(a)
the period during which an employee is employed and compensated by a participating employer and meets the eligibility requirements for membership in a system or the Utah Governors' and Legislators' Retirement Plan, provided that any required contributions are paid to the office; and
(b)
periods of time otherwise purchasable under this title. See Utah Code 49-11-102
Surviving spouse: means :
(a)
the lawful spouse who has been married to a member for at least six months immediately before the death date of the member; or
(b)
a former lawful spouse of a member with a valid domestic relations order benefits on file with the office before the member's death date in accordance with Section 49-11-612. 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
(a)
the retiree:
(i)
is eligible to retire and retires in accordance with this title;
(ii)
has been employed full time, for not less than four years immediately before the retiree’s retirement date;
(iii)
is, at the time of retirement, at least:
(A)
50 years old, if the retiree is employed as a public safety service employee or a firefighter service employee; or
(B)
55 years old;
(iv)
completes and submits all required retirement forms to the office; and
(v)
prior to the retiree’s retirement date, completes and submits all required phased retirement forms to the office; and
(b)
the retiree and the participating employer enter into an agreement described under Section 49-11-1304.
(2)
A retiree shall begin phased retirement employment after the retiree’s retirement date but no later than 120 days after the retiree’s retirement date.
(3)
Except as provided in Subsection (4), for the period of the phased retirement:
(a)
the retiree receives 50% of the retiree’s monthly allowance;
(b)
the participating employer employs the retiree on a half-time basis;
(c)
a participating employer that employs the retiree shall contribute the amortization rate to the office;
(d)
the retiree or an alternate payee may not receive an annual cost-of-living adjustment to the retiree’s or alternate payee’s allowance;
(e)
any death benefits payable to a surviving spouse or other beneficiary shall be paid based on 100% of the retiree’s retirement allowance;
(f)
the retiree may not receive any employer provided retirement benefits, service credit accruals, or any retirement related contributions from the participating employer; and
(g)
except as specified under this section, a retiree working under phased retirement shall be treated in the same manner as any other part-time employee working a similar position and number of hours with the participating employer, including:
(i)
any non-retirement related benefits;
(ii)
leave benefits;
(iii)
medical benefits; and
(iv)
other benefits.
(4)
(a)
If a retiree is employed as a public safety service employee or a firefighter service employee, for the period of the phased retirement the requirements of Subsection (3) or (4)(b) are satisfied.
(b)
For the period of the phased retirement:
(i)
the retiree is employed as a public safety service employee or a firefighter service employee;
(ii)
the retiree receives 25% of the retiree’s monthly allowance;
(iii)
the participating employer employs the retiree on a three-quarter time basis;
(iv)
a participating employer that employs the retiree shall contribute to the office the certified contribution rate applicable 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 the system;
(v)
the retiree or an alternate payee may not receive an annual cost-of-living adjustment to the retiree’s or alternate payee’s allowance;
(vi)
any death benefits payable to a surviving spouse or other beneficiary shall be paid based on 100% of the retiree’s retirement allowance;
(vii)
the retiree may not receive any employer provided retirement benefits, service credit accruals, or any retirement related contributions from the participating employer; and
(viii)
except as specified under this section, a retiree working under phased retirement shall be treated in the same manner as any other part-time employee working a similar position and number of hours with the participating employer, including:
(A)
any non-retirement related benefits;
(B)
leave benefits;
(C)
medical benefits; and
(D)
other benefits.
(5)
The office shall begin paying 100% of the retiree’s retirement allowance on the first day of the month following the month in which the office receives written notification and any required supporting documentation that the retiree’s phased retirement has been irrevocably terminated.
