49-11-1307. Phased retirement — Adjustments or termination.
(1)
The Legislature may make adjustments to or terminate the phased retirement option created under this part, including:
Terms Used In Utah Code 49-11-1307
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
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. 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
(a)
amending phased retirement eligibility, restrictions, scope, or duration provisions;
(b)
closing phased retirement to additional retirees; or
(c)
terminating phased retirement for all participating retirees.
(2)
A participating employer and retiree enter into a phased retirement agreement subject to the adjustments or termination reserved in this section.
