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
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
Participant: means an individual with voluntary deferrals or nonelective contributions on deposit with the defined contribution plans administered under this title. See Utah Code 49-11-102
Participating employer: means an employer that meets the participation requirements of:
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
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 New Public Employees' Tier II Contributory Retirement System created under this chapter. See Utah Code 49-22-102
Tier I: means a system or plan under this title for which:
(a)
an employee is eligible to participate if the employee initially enters regular full-time employment before July 1, 2011; or
(b)
a governor or legislator who initially enters office before July 1, 2011. See Utah Code 49-11-102
Tier II: includes :
(i)
the Tier II hybrid system established under:
(A)
3; or
(B)
3; and
(ii)
the Tier II Defined Contribution Plan (Tier II DC Plan) established under:
A person initially entering regular full-time employment with a participating employer 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, is eligible:
(i)
as a member for service credit and defined contributions under the Tier II hybrid retirement system established by 3; or
(ii)
as a participant for defined contributions under the Tier II defined contribution plan established by 4.
(b)
A person initially entering regular full-time employment with a participating employer on or after July 1, 2011, shall:
(i)
make an election to participate in the system created under this chapter:
(A)
as a member for service credit and defined contributions under the Tier II hybrid retirement system established by 3; or
(B)
as a participant for defined contributions under the Tier II defined contribution plan established by 4; and
(ii)
electronically submit to the office notification of the member’s election under Subsection (2)(b)(i) in a manner approved by the office.
(c)
An election made by a person initially entering regular full-time employment with a participating employer under this Subsection (2) is irrevocable beginning one year from the date of eligibility for accrual of benefits.
(d)
If no election is made under Subsection (2)(b)(i), the person shall become a member eligible for service credit and defined contributions under the Tier II hybrid retirement system established by 3.
(3)
Notwithstanding the provisions of this section and except as provided in Subsection (4), an elected official initially entering office on or after July 1, 2011:
(a)
is only eligible to participate in the Tier II defined contribution plan established under 4;
(b)
is not eligible to participate in the Tier II hybrid retirement system established under 3; and
(c)
is vested immediately in the elected official’s benefit and the benefit is nonforfeitable, including the total amount contributed by the participating employer and the total amount contributed by the member in the Tier II defined contribution plan.
(4)
A legislator or full-time elected official initially entering office on or after July 1, 2011, who has previously accrued service credit:
(a)
in a Tier I retirement system or plan administered by the board shall continue in the Tier I system or plan for which the legislator or full-time elected official is eligible; or
(b)
in a Tier II hybrid retirement system shall continue in the Tier II system for which the full-time elected official is eligible.