Terms Used In Utah Code > Title 49 > Chapter 23 > Part 3 - Tier II Hybrid Retirement System

• Agency: means :

  (i)	a department, division, agency, office, authority, commission, board, institution, or hospital of the state;

  (ii)	a county, municipality, school district, special district, or special service district;

  (iii)

  a state college or university; or

  (iv)

  any other participating employer. See Utah Code 49-11-102 Alternate payee: means a member's former spouse or family member eligible to receive payments under a Domestic Relations Order in compliance with Section 49-11-612. See Utah Code 49-11-102 Amortization: Paying off a loan by regular installments. Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Beneficiary: means any person entitled to receive a payment under this title through a relationship with or designated by a member, participant, covered individual, or alternate payee of a defined contribution plan. See Utah Code 49-11-102 Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102 Board member: means a person serving on the Utah State Retirement Board as established under Section 49-11-202. See Utah Code 49-11-102 Certified contribution rate: means the board certified percent of salary paid on behalf of an active member to the office to maintain the system on a financially and actuarially sound basis. See Utah Code 49-11-102 Compensation: includes performance-based bonuses and cost-of-living adjustments. See Utah Code 49-23-102 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 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Final average salary: means the amount calculated by averaging the highest five years of annual compensation preceding retirement subject to Subsections (4)(b), (c), (d), (e), and (f). See Utah Code 49-23-102 Firefighter service: means employment normally requiring an average of 2,080 hours of regularly scheduled employment per year rendered by a member who is: (i)  a firefighter service employee trained in firefighter techniques and assigned to a position of hazardous duty with a regularly constituted fire department; (ii)  the state fire marshal appointed under Section 53-7-103 or a deputy state fire marshal; or (iii)  a firefighter service employee who is: (A)  hired on or after July 1, 2021; (B)  trained in firefighter techniques; (C)  assigned to a position of hazardous duty; and (D)  employed by the state as a participating employer. See Utah Code 49-23-102 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 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 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 Participating employer: means an employer that meets the participation requirements of: (a)  Sections 49-14-201 and 49-14-202; (b)  Sections 49-15-201 and 49-15-202; (c)  Sections 49-16-201 and 49-16-202; or (d)  Sections 49-23-201 and 49-23-202. See Utah Code 49-23-102 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 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Public safety service: means employment normally requiring an average of 2,080 hours of regularly scheduled employment per year rendered by a member who is: (i)  a law enforcement officer in accordance with Section 53-13-103; (ii)  a correctional officer in accordance with Section 53-13-104; (iii)  a special function officer approved in accordance with Sections 49-15-201 and 53-13-105; (iv)  a dispatcher who is certified in accordance with Section 53-6-303; (v)  a full-time member of the Board of Pardons and Parole created under Section 77-27-2; (vi)  the commissioner of the Department of Public Safety; or (vii)  the executive director of the Department of Corrections. See Utah Code 49-23-102 Refund interest: means the amount accrued on member contributions at a rate adopted by the board. See Utah Code 49-11-102 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Retiree: means an individual who has qualified for an allowance under this title. 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 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 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. Surviving spouse: means : (a)  the lawful spouse who has been married to a member for at least six months immediately before the death date of the member; or (b)  a former lawful spouse of a member with a valid domestic relations order benefits on file with the office before the member's death date in accordance with Section 49-11-612. See Utah Code 49-11-102 System: means the New Public Safety and Firefighter Tier II Contributory Retirement System created under this chapter. See Utah Code 49-23-102 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 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 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; or (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. See Utah Code 49-23-102