Utah Code 49-11-901.5. Premium tax revenues — Distribution
Current as of: 2024 | Check for updates
|
Other versions
(1)
Terms Used In Utah Code 49-11-901.5
- 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
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Fund: means any fund created under this title for the purpose of paying benefits or costs of administering a system, plan, or program. See Utah Code 49-11-102
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- Program: means the Public Employees' Insurance Program created under Chapter 20, Public Employees' Benefit and Insurance Program Act, or the Public Employees' Long-Term Disability program created under Chapter 21, Public Employees' Long-Term Disability Act. See Utah Code 49-11-102
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
- 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
(1)(a) In accordance with this section there shall be paid to the office:
(1)(a)(i) 50% of the annual tax levied, assessed, and collected under Title 59, Chapter 9, Taxation of Admitted Insurers , upon premiums for property insurance, as defined under Section 31A-1-301 , and as applied to fire and allied lines insurance collected by insurance companies within the state; and
(1)(a)(ii) 10% of all money assessed and collected under Title 59, Chapter 9, Taxation of Admitted Insurers , upon premiums for life insurance, as defined in Section 31A-1-301 , within the state.
(1)(b) Payments to the fund shall be made annually until the service liability under this part is liquidated, after which the tax revenue provided in this Subsection (1) ceases.
(2) The office shall distribute the premium tax revenue paid under Subsection (1) as follows:
(2)(a) an amount determined by the office to fully fund the long-term disability program provided for firefighters under Section 49-23-601 ;
(2)(b) an amount determined by the office to the Firefighters’ Retirement Trust Fund created under Section 49-16-104 equal to the amount when calculated as a percentage of the certified contribution rate for members in Divisions A and B, as defined under Section 49-16-301 , that is the percentage of the certified contribution rate paid to the Firefighters’ Retirement Trust Fund on July 1, 2004; and
(2)(c) any remaining amount in accordance with Section 49-11-902 .