(1)  Participating employers and members shall jointly pay the certified contribution rates to the office to maintain this system on a financially and actuarially sound basis.

Terms Used In Utah Code 49-14-301

  • Compensation: includes performance-based bonuses and cost-of-living adjustments. See Utah Code 49-14-102
  • Contributions: means the total amount paid by the participating employer and the member into a system or to the Utah Governors' and Legislators' Retirement Plan under Chapter 19, Utah Governors' and Legislators' Retirement Act. 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
  • 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
  • Member contributions: means the sum of the contributions paid to a system or the Utah Governors' and Legislators' Retirement Plan, including refund interest if allowed by a system, and which are made by:
(a) the member; and
(b) the participating employer on the member's behalf under Section 414(h) of the Internal Revenue Code. See Utah Code 49-11-102
  • Office: means the Utah State Retirement Office. See Utah Code 49-11-102
  • Participating employer: means an employer that meets the participation requirements of Section 49-14-201. See Utah Code 49-14-102
  • Refund interest: means the amount accrued on member contributions at a rate adopted by the board. See Utah Code 49-11-102
  • System: means the Public Safety Contributory Retirement System created under this chapter. See Utah Code 49-14-102
    • (2)  For purposes of determining contribution rates, this system is divided into two divisions according to Social Security coverage as follows:

    (a)  members of this system with on-the-job Social Security coverage are in Division A; and

    (b)  members of this system without on-the-job Social Security coverage are in Division B.

    (3)  In addition to the divisions under Subsection (2) and for the purpose of determining contribution rates, each division under Subsection (2) is further divided as follows:

    (a)  members of this system with a maximum annual cost-of-living adjustment under Subsection 49-14-403(2)(b) are in Divisions A1 and B1; and

    (b)  members of this system with a maximum annual cost-of-living adjustment under Subsection 49-14-403(2)(a) are in Divisions A2 and B2.

    (4) 

    (a)  A participating employer may elect to pay all or part of the required member contributions, in addition to the required participating employer contributions.

    (b)  Any amount contributed by a participating employer under this section shall vest to the member’s benefit as though the member had made the contribution.

    (c)  The required member contributions shall be reduced by the amount that is paid by the participating employer.

    (5) 

    (a)  All member contributions are credited by the office to the account of the individual member.

    (b)  This amount, plus refund interest, is held in trust for the payment of benefits to the member or the member’s beneficiaries.

    (c)  All member contributions are vested and nonforfeitable.

    (6) 

    (a)  Each member is considered to consent to payroll deductions of member contributions.

    (b)  The payment of compensation less these payroll deductions is considered full payment for services rendered by the member.

    (7)  Contribution rates for a participating employer may be different than for other participating employers based on the participating employer’s current funding status and actuarial experience.

    Amended by Chapter 227, 2008 General Session

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