Utah § 49-13-701 - Early retirement incentive -- Eligibility -- Calculation of benefit -- Payment of costs -- Savings to be appropriated by Legislature -- Restrictions on reemployment.
Full text of Utah Utah Code § 49-13-701 — Early retirement incentive -- Eligibility -- Calculation of benefit -- Payment of costs -- Savings to be appropriated by Legislature -- Restrictions on reemployment., with citation guidance and answers to common questions.
§ 49-13-701. Early retirement incentive -- Eligibility -- Calculation of benefit -- Payment of costs -- Savings to be appropriated by Legislature -- Restrictions on reemployment.
Effective 3/22/2018 49-13-701.
Early retirement incentive -- Eligibility -- Calculation of benefit -- Payment of costs -- Savings to be appropriated by Legislature -- Restrictions on reemployment.
(1)
Any member of this system may retire and receive the allowance allowed under Subsection (2) if the member meets the following requirements as of the member's retirement:
(a)
the member is eligible for retirement under Section 49-13-401, or has 25 years of service credit;
(b)
the member elects to forfeit any stipend for retirement offered by the participating employer; and
(c)
the member elects to retire from this system by applying for retirement by the date established under Subsection (3)(a) or (3)(b).
(2)
(a)
A member who retires under Subsection (1) shall receive 2% of that member's final average salary for all years of service credit.
(b)
No actuarial reduction may be applied to the allowance granted under this section.
(3)
In order to receive the allowance allowed by this section, a member shall submit an application to the office as follows:
(a)
(i)
For state and school employees under Level A, the application shall be filed by May 31, 1987. The member's retirement date shall then be set by the member on the 1st or 16th day of July, August, or September, 1987.
(ii)
If a Level A member elects to retire, the executive director or participating employer may request the member to delay the retirement date until a later date, but no later than June 30, 1988.
(iii)
If the member agrees to delay the retirement date, the retirement date shall be delayed, but service credit may not be accrued after the member's original retirement date elected by the member, and compensation earned after the member's original retirement date may not be used in the calculation of the final average salary for determining the retirement allowance.
(b)
(i)
For political subdivision employees under Level B, the application shall be filed by September 30, 1987.
(ii)
The member's retirement date shall then be set by the member on the 1st or 16th day of July, August, September, October, November, or December, 1987.
(4)
(a)
The cost of providing the allowance under this section shall be funded in fiscal year 1987-88 by a supplemental appropriation in the 1988 General Session based on the retirement contribution rate increase established by the consulting actuary and approved by the board.
(b)
The cost of providing the allowance under this section shall be funded beginning July 1, 1988, by means of an increase in the retirement contribution rate established by the consulting actuary and approved by the board.
(c)
The rate increase under Subsections (4)(a) and (b) shall be funded:
(i)
for state employees, by an appropriation from the account established by the Division of Finance under Subsection (4)(d), which is funded by savings derived from this early retirement incentive and a work force reduction;
for political subdivisions under Level B, by direct contributions by the participating employer.
(d)
(i)
Each year, any excess savings derived from this early retirement incentive which are above the costs of funding the increase and the costs of paying insurance, sick leave, compensatory leave, and vacation leave under Subsections (4)(c)(i) and (ii) shall be reported to the Legislature and shall be appropriated as provided by law.
(ii)
In the case of Subsection (4)(c)(i), the Division of Finance shall establish an account into which all savings derived from this early retirement incentive shall be deposited as the savings are realized.
(iii)
In the case of Subsection (4)(c)(ii), the State Board of Education shall certify the amount of savings derived from this early retirement incentive.
(iv)
The State Board of Education and the participating employer may not spend the savings until appropriated by the Legislature as provided by law.
Section 49-13-701 ("Early retirement incentive -- Eligibility -- Calculation of benefit -- Payment of costs -- Savings to be appropriated by Legislature -- Restrictions on reemployment.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 49-13-701?
A common citation format is "Utah Code § 49-13-701" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 49-13-701 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
