Utah Code 49-22-403. Eligibility to receive a retirement allowance for a benefit tied to a retirement date for defined contribution members

49-22-403. Eligibility to receive a retirement allowance for a benefit tied to a retirement date for defined contribution members.

(1)

As used in this section, “eligible to receive a retirement allowance” means the date selected by the member who is a participant under this part on which the member has ceased employment and would be qualified to receive an allowance under Section 49-22-304 if the member had been under the Tier II Hybrid Retirement System for the same period of employment.

Terms Used In Utah Code 49-22-403

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
Office: means the Utah State Retirement Office. 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:

(a)	Sections 49-12-201 and 49-12-202;

(b)	Sections 49-13-201 and 49-13-202;

(c)	Section 49-19-201; or

(d)

Section 49-22-201 or 49-22-202. See Utah Code 49-22-102

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 allowance: means the pension plus the annuity, including any cost of living or other authorized adjustments to the pension and annuity. 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

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

State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

Statute: A law passed by a legislature.

System: means the New Public Employees' Tier II Contributory Retirement System created under this chapter. See Utah Code 49-22-102

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)

4; or

(B)

4. See Utah Code 49-11-102

(2)

The office and a participating employer shall make an accounting of years of service credit accrued for a member who is a participant under this part in order to calculate when a member would be eligible to receive a retirement allowance for purposes of establishing when a member may be eligible for a benefit tied to a retirement date that may be provided under Section 63A-17-508, this title, another state statute, or by a participating employer.

Amended by Chapter 345, 2021 General Session

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