Terms Used In Utah Code > Title 49 > Chapter 22 > Part 4 - Tier II Defined Contribution Plan

• Amortization: Paying off a loan by regular installments.
• Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
• 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 49-22-102 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 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 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 Nonelective contribution: means an amount contributed by a participating employer into a participant's defined contribution account. 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 Person: means :Utah Code 68-3-12.5 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 Regular full-time employee: includes : (i)  a teacher whose term of employment for a participating employer contemplates continued employment during a school year and who teaches half time or more; (ii)  a classified school employee: (A)  who is hired before July 1, 2013; and (B)  whose employment normally requires an average of 20 hours per week or more for a participating employer, regardless of benefits provided; (iii)  an appointive officer whose appointed position is full time as certified by the participating employer; (iv)  the governor, the lieutenant governor, the state auditor, the state treasurer, the attorney general, and a state legislator; (v)  an elected official not included under Subsection (6)(b)(iv) whose elected position is full time as certified by the participating employer; (vi)  a faculty member or employee of an institution of higher education who is considered full time by that institution of higher education; and (vii)  an individual who otherwise meets the definition of this Subsection (6) who performs services for a participating employer through a professional employer organization or similar arrangement. 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 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)  4; or (B)  4. See Utah Code 49-11-102 Voluntary deferrals: means an amount contributed by a participant into that participant's defined contribution account. See Utah Code 49-11-102 Years of service credit: means : (a)  a period consisting of 12 full months as determined by the board; (b)  a period determined by the board, whether consecutive or not, during which a regular full-time employee performed services for a participating employer, including any time the regular full-time employee was absent on a paid leave of absence granted by a participating employer or was absent in the service of the United States government on military duty as provided by this chapter; or (c)  the regular school year consisting of not less than eight months of full-time service for a regular full-time employee of an educational institution. See Utah Code 49-22-102