Utah Code 49-23-305. Allowance payable by lump-sum payment

(1)	If a retiree‘s allowance, as computed under this chapter, amounts to $25 or less, the allowance may be settled by the office by making a lump-sum payment of an amount actuarially equivalent to the allowance.

Office: means the Utah State Retirement Office. 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
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
System: means the New Public Safety and Firefighter Tier II Contributory Retirement System created under this chapter. See Utah Code 49-23-102

(2)	A payment made under this section constitutes a full and complete settlement of the retiree’s claim against this system.

Enacted by Chapter 266, 2010 General Session