49-11-405.  Service credit from different systems or plans — Eligibility and calculation of service credit.

(1) 

Terms Used In Utah Code 49-11-405

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Office: means the Utah State Retirement Office. 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
  • 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
  • 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
  • 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
    • (a)  A member who has service credit from two or more systems or one or more systems and the Utah Governors’ and Legislators’ Retirement Plan may combine service credit for purposes of determining eligibility for retirement.

    (b)  The provisions of Subsection (1)(a) do not apply to concurrent service.

    (2)  To be eligible for the calculation under Subsection (3), the member’s service credit earned under the different systems or the Utah Governors’ and Legislators’ Retirement Plan shall at least equal the minimum amount of service credit required to retire from the system which most recently covered the member.

    (3)  If a member meets the requirements of Subsection (2), the office shall calculate the member’s allowance using all service credit earned from any system or the Utah Governors’ and Legislators’ Retirement Plan, with no actuarial reduction applied to the allowance, except the service credit used to calculate the benefit shall be increased or decreased to reflect the value of the assets transferred.

    (4)  The office shall establish the standards used for calculating any increase or decrease in the service credit.

    (5)  This section does not apply to a retiree who is subject to Section 49-11-504 and 12.

    Amended by Chapter 310, 2016 General Session

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