A governor or legislator is eligible for service credit in this plan during their term of service in their elected position if the governor or legislator:
defined contribution plan: means any defined contribution plan or deferred compensation plan authorized under the Internal Revenue Code and administered by the board. See Utah Code 49-11-102
Plan: means the Utah Governors' and Legislators' Retirement Plan created under this chapter. See Utah Code 49-19-102
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
accrued service credit in a Tier Isystem or plan administered by the board before July 1, 2011.
(2)
A governor or legislator initially entering office on or after July 1, 2011, who does not have service credit accrued before July 1, 2011, in a Tier I system or plan administered by the board:
(a)
may not participate in this system;
(b)
is only eligible to participate in the Tier IIDefined Contribution Plan established under 4; and
(c)
is not eligible to participate in the Tier II hybrid retirement system established under 3.
