Utah Code 49-17-502. Benefits payable upon death of retired member
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Terms Used In Utah Code 49-17-502
- Actuarial equivalent: means a benefit of equal value when computed upon the basis of mortality tables as recommended by the actuary and adopted by the executive director, including regular interest. See Utah Code 49-11-102
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- 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
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Office: means the Utah State Retirement Office. See Utah Code 49-11-102
- Participant: means an individual with voluntary deferrals or nonelective contributions on deposit with the defined contribution plans administered under this title. See Utah Code 49-11-102
- 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
- Surviving spouse: means :(51)(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(51)(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
- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) The death benefit payable to a retiree‘s surviving spouse is an allowance equal to 65% of the allowance which was being paid to the retiree at the time of death.(1)(b) The effective date of the accrual of this allowance is the first day of the month following the month in which the retiree died.(2)(2)(a) Notwithstanding the amount of the allowance under Subsection (1), at the time of retirement, a retiree may elect to increase the spousal death benefit up to 75% of an allowance computed in accordance with Section 49-17-402.(2)(b) If an election is made under Subsection (2)(a), the member‘s allowance shall be reduced to reflect the actuarial equivalent necessary to pay for the increased spousal death benefit above 65%.(3)(3)(a) A surviving spouse who qualifies for a monthly benefit under this section shall apply in writing to the office.(3)(b) The allowance shall begin on the first day of the month following the month in which the:(3)(b)(i) member or participant died, if the application is received by the office within 90 days of the date of death of the member or participant; or(3)(b)(ii) application is received by the office, if the application is received by the office more than 90 days after the date of death of the member or participant. - Writing: includes :