| (1) |
Terms Used In Utah Code 49-19-402- Governor: includes former governors. See Utah Code 49-19-102
- Legislator: includes former legislators. See Utah Code 49-19-102
- 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
- Retirement date: means the date selected by the member on which the member's retirement becomes effective with the office. See Utah Code 49-11-102
| (a) |
The base retirement amount for a governor under this plan is $500 per term, adjusted as provided in Section 49-19-404 since 1973. |
| (b) |
A governor’s allowance shall be calculated by multiplying the base retirement amount at the retirement date by the number of terms the governor served, including fractions of terms. |
|
| (2) |
| (a) |
The base retirement amount for a legislator under this plan is $10 per year of service in the Legislature, adjusted as provided in Section 49-19-404, since 1967. |
| (b) |
A legislator’s allowance shall be calculated by multiplying the base retirement amount at the retirement date by the number of years the legislator served, including fractions of years. |
|
| (3) |
If a governor or legislator retires prior to age 65, the allowance shall be reduced by 3% for each year of retirement between age 62 and age 65. |
Amended by Chapter 118, 2004 General Session
