Full text of Utah Utah Code § 49-11-502 — Redeposits of refunds -- Time period., with citation guidance and answers to common questions.
§ 49-11-502. Redeposits of refunds -- Time period.
49-11-502.
Redeposits of refunds -- Time period.
| (1) |
| (a) |
If a member receives a refund of member contributions and is subsequently reemployed in a position covered by a system or the Utah Governors' and Legislators' Retirement Plan, the participating employer or the member may redeposit an amount equal to the member contributions refunded and interest charged under Section 49-11-503. |
| (b) |
The interest shall be compounded annually from the date of refund through the month of payment. |
| (c) |
If a redeposit is made, service credit shall be restored to the member's account and credited to the same system or the Utah Governors' and Legislator's Retirement Plan from which the refund was taken. |
|
| (2) |
| (a) |
A member may redeposit an amount equal to a prior refund of member contributions and interest charges in one lump sum or in monthly installments by payroll deduction in a time period determined by the office. |
| (b) |
If the total redeposit is not made prior to the member's retirement date, the amount of redeposit paid to the office shall be refunded to the member without interest and the member is not entitled to service credit based on the amount of the refund. |
| (c) |
The interest rate charged during the installment period shall be a fixed rate calculated at the time of the first installment payment in accordance with Section 49-11-503. |
|
| (3) |
A member who redeposits a refund of member contributions under this section shall receive the amount of service credit forfeited in taking the refund. |
| (5) |
| (a) |
The board may make rules to allow a member to make the necessary payments to the office for redeposits under this title as permitted by federal law. |
| (b) |
The office may reject any payments if the office determines the tax status of the systems, plans, or programs may be jeopardized by allowing the payment. |
|
Renumbered and Amended by Chapter
250, 2002 General Session
Frequently Asked Questions About Utah § 49-11-502
What does Utah Code § 49-11-502 cover?
Section 49-11-502 ("Redeposits of refunds -- Time period.") 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 § 49-11-502?
A common citation format is "Utah Code § 49-11-502" (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 § 49-11-502 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.
