Utah Code 49-14-402. Calculation of retirement allowance
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(1) A retiree under this system shall receive an allowance equal to:
Terms Used In Utah Code 49-14-402
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Final average monthly salary: means the amount computed by dividing the compensation received during the final average salary period under each system by the number of months in the final average salary period. See Utah Code 49-11-102
- 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
- Retiree: means an individual who has qualified for an allowance under this title. 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
- System: means the Public Safety Contributory Retirement System created under this chapter. See Utah Code 49-14-102
- Years of service credit: means the number of periods, each to consist of 12 full months as determined by the board, whether consecutive or not, during which a public safety service employee was employed by a participating employer, including time the public safety service employee was absent in the service of the United States government on military duty. See Utah Code 49-14-102
(1)(a) 2.5% of final average monthly salary multiplied by the number of years of service credit, limited to 20 years; plus
(1)(b) 2% of final average monthly salary, multiplied by the number of years of service credit in excess of 20 years.
(2)
(2)(a) Except as modified by cost-of-living adjustments and except as provided under Subsection (2)(b) , an allowance under this system may not exceed 70% of a retiree’s final average monthly salary.
(2)(b) The allowance limitation under Subsection (2)(a) does not apply to a member who initially retires on or after July 1, 2010.