Terms Used In Utah Code > Title 49 > Chapter 12 > Part 3 - Contributions

• Compensation: means the total amount of payments made by a participating employer to a member of this system for services rendered to the participating employer, including:

  (i)

  bonuses;

  (ii)	cost-of-living adjustments;

  (iii)

  other payments currently includable in gross income and that are subject to social security deductions, including any payments in excess of the maximum amount subject to deduction under social security law;

  (iv)	amounts that the member authorizes to be deducted or reduced for salary deferral or other benefits authorized by federal law; and

  (v)

  member contributions. See Utah Code 49-12-102 Contributions: means the total amount paid by the participating employer and the member into a system or to the Utah Governors' and Legislators' Retirement Plan under Chapter 19, Utah Governors' and Legislators' Retirement Act. 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 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 Member contributions: means the sum of the contributions paid to a system or the Utah Governors' and Legislators' Retirement Plan, including refund interest if allowed by a system, and which are made by: (a)  the member; and (b)  the participating employer on the member's behalf under Section 414(h) of the Internal Revenue Code. See Utah Code 49-11-102 Office: means the Utah State Retirement Office. See Utah Code 49-11-102 Participating employer: means an employer that meets the participation requirements of Sections 49-12-201 and 49-12-202. See Utah Code 49-12-102 Refund interest: means the amount accrued on member contributions at a rate adopted by the board. 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 System: means the Public Employees' Contributory Retirement System created under this chapter. See Utah Code 49-12-102