(1) In addition to the money paid to this system under Subsection (3), participating employers and members shall jointly pay the certified contribution rates to the office to maintain this system on a financially and actuarially sound basis.
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Terms Used In Utah Code 49-17-301

  • Compensation: includes :
              (1)(b)(i) performance-based bonuses;
              (1)(b)(ii) cost-of-living adjustments;
              (1)(b)(iii) payments subject to Social Security deductions;
              (1)(b)(iv) any payments in excess of the maximum amount subject to deduction under Social Security law;
              (1)(b)(v) amounts which the member authorizes to be deducted or reduced for salary deferral or other benefits authorized by federal law; and
              (1)(b)(vi) member contributions. See Utah Code 49-17-102
  • 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
  • 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
  • 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
  • Office: means the Utah State Retirement Office. See Utah Code 49-11-102
  • Participating employer: means the state. See Utah Code 49-17-102
  • Refund interest: means the amount accrued on member contributions at a rate adopted by the board. 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
  • System: means the Judges' Contributory Retirement System created under this chapter. See Utah Code 49-17-102
(2) The participating employer may make contributions on behalf of members of this system in addition to the contribution required of the participating employer, except that 2% of compensation shall be paid by the member.
(3) Fees collected under Subsection 78A-2-301(1)(j)(i) shall be paid monthly to the office to maintain this system and the system established under Chapter 18, Judges’ Noncontributory Retirement Act.
(4)

     (4)(a) All member contributions are credited by the office to the account of the individual member.
     (4)(b) This amount, plus refund interest, is held in trust for the payment of benefits to the member or the member’s beneficiaries.
     (4)(c) All member contributions are vested and nonforfeitable.
(5)

     (5)(a) Each member is considered to consent to payroll deductions of the member contributions.
     (5)(b) The payment of compensation less these payroll deductions is considered full payment for services rendered by the member.
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