Terms Used In Utah Code > Title 49 > Chapter 22 > Part 3 - Tier II Hybrid Retirement System

• Agency: means :
            (4)(a)(i) a department, division, agency, office, authority, commission, board, institution, or hospital of the state;
            (4)(a)(ii) a county, municipality, school district, special district, or special service district;
            (4)(a)(iii) a state college or university; or
            (4)(a)(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: 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}
• 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
• 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: 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:
            (2)(a)(i) bonuses;
            (2)(a)(ii) cost-of-living adjustments;
            (2)(a)(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;
            (2)(a)(iv) amounts that the member authorizes to be deducted or reduced for salary deferral or other benefits authorized by federal law; and
            (2)(a)(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
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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 49-22-102
• 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:
       (32)(a) the member; and
       (32)(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:
       (5)(a) Sections 49-12-201 and 49-12-202;
       (5)(b) Sections 49-13-201 and 49-13-202;
       (5)(c) Section 49-19-201; or
       (5)(d) Section 49-22-201 or 49-22-202. See Utah Code 49-22-102
• 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 Chapter 22, Part 4, Tier II Defined Contribution Plan, the New Public Safety and Firefighter Tier II Defined Contribution Plan created by Chapter 23, Part 4, Tier II Defined Contribution Plan, or the defined contribution plans created under Section 49-11-801. See Utah Code 49-11-102
• Refund interest: means the amount accrued on member contributions at a rate adopted by the board. See Utah Code 49-11-102
• Regular full-time employee: includes :
            (6)(b)(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;
            (6)(b)(ii) a classified school employee:

                 (6)(b)(ii)(A) who is hired before July 1, 2013; and

                 (6)(b)(ii)(B) whose employment normally requires an average of 20 hours per week or more for a participating employer, regardless of benefits provided;
            (6)(b)(iii) an appointive officer whose appointed position is full time as certified by the participating employer;
            (6)(b)(iv) the governor, the lieutenant governor, the state auditor, the state treasurer, the attorney general, and a state legislator;
            (6)(b)(v) an elected official not included under Subsection (6)(b)(iv) whose elected position is full time as certified by the participating employer;
            (6)(b)(vi) a faculty member or employee of an institution of higher education who is considered full time by that institution of higher education; and
            (6)(b)(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
• 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 :
       (50)(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
       (50)(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.
• 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:
       (54)(a) an employee is eligible to participate if the employee initially enters regular full-time employment before July 1, 2011; or
       (54)(b) a governor or legislator who initially enters office before July 1, 2011. See Utah Code 49-11-102
• Tier II: includes :
            (55)(b)(i) the Tier II hybrid system established under:

                 (55)(b)(i)(A) Chapter 22, Part 3, Tier II Hybrid Retirement System; or

                 (55)(b)(i)(B) Chapter 23, Part 3, Tier II Hybrid Retirement System; and
            (55)(b)(ii) the Tier II Defined Contribution Plan (Tier II DC Plan) established under:

                 (55)(b)(ii)(A) Chapter 22, Part 4, Tier II Defined Contribution Plan; or

                 (55)(b)(ii)(B) Chapter 23, Part 4, Tier II Defined Contribution Plan. 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 :
       (8)(a) a period consisting of 12 full months as determined by the board;
       (8)(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
       (8)(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