Utah Code 49-16-402. Calculation of retirement allowance
Current as of: 2024 | Check for updates
|
Other versions
(1) A retiree under this system shall receive an allowance equal to:
Terms Used In Utah Code 49-16-402
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Final average monthly salary: means the amount computed by dividing the compensation received during the final average salary period under each system by the number of months in the final average salary period. See Utah Code 49-11-102
- Firefighter service: means employment normally requiring an average of 2,080 hours of regularly scheduled employment per year rendered by a member who is:(5)(a)(i) a firefighter service employee trained in firefighter techniques and assigned to a position of hazardous duty with a regularly constituted fire department;(5)(a)(ii) the state fire marshal appointed under Section 53-7-103 or a deputy state fire marshal; or(5)(a)(iii) an emergency medical service personnel. See Utah Code 49-16-102
- 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
- Retiree: means an individual who has qualified for an allowance under this title. See Utah Code 49-11-102
- Service credit: means :
(50)(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(50)(b) periods of time otherwise purchasable under this title. See Utah Code 49-11-102- System: means the Firefighters' Retirement System created under this chapter. See Utah Code 49-16-102
- Years of service credit: means the number of periods, each to consist of 12 full months as determined by the board, whether consecutive or not, during which a firefighter service employee was employed by a participating employer or received full-time pay while on sick leave, including any time the firefighter service employee was absent in the service of the United States on military duty. See Utah Code 49-16-102
(1)(a) 2.5% of final average monthly salary multiplied by the number of years of service credit, limited to 20 years; plus(1)(b) 2% of final average monthly salary, multiplied by the number of years of service credit in excess of 20 years.(2) The minimum allowance payable under this section is $500.(3)(3)(a) Except as modified by cost-of-living adjustments and except as provided under Subsection(3)(b) , an allowance under this system may not exceed 70% of a firefighter service employee’s final average monthly salary.(3)(b) The allowance limitation under Subsection(3)(a) does not apply to a member who initially retires on or after July 1, 2010.