Utah Code 49-11-902. Premium tax revenues — Formula — Deposits
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(1) If the premium tax revenue received by the office under Subsection 49-11-901.5(1) and first paid in accordance with Subsections 49-11-901.5(2)(a) and (b) , including any remaining amount, the office shall deposit the amount in the:
Terms Used In Utah Code 49-11-902
- 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
- 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
- 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
(1)(a) Public Safety Contributory Trust Fund created under Section 49-14-104 ; and
(1)(b) Public Safety Noncontributory Retirement Trust Fund created under Section 49-15-104 .
(2) The money deposited under this section shall be used to fund an increase for retirees in the public safety retirement systems from a 2.5% maximum annual cost-of-living adjustment to a 4% maximum annual cost-of-living adjustment under Sections 49-14-403 and 49-15-403 in the public safety retirement systems.
(3) As required to implement this section, the office shall make the calculations and deposits for the equitable apportionment of money between:
(3)(a) Division A1 and B1; and
(3)(b) the contributory and noncontributory trust funds.