Utah Code 49-18-402. 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 49-18-402
- 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
- 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
- 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 Judges' Noncontributory Retirement System created under this chapter. See Utah Code 49-18-102
- Years of service credit: means the number of periods, each to consist of 12 full months or as determined by the board, whether consecutive or not, during which a judge was employed by a participating employer. See Utah Code 49-18-102
(1)(a) 5% of the final average monthly salary multiplied by the number of years of service credit, limited to 10 years; plus(1)(b) 2.25% of the final average monthly salary multiplied by the number of years of service credit in excess of 10 years and up to and including 20 years; plus(1)(c) 1% of the 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 75% of the member‘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.
(3) If the retiree has attained the age of 55 years and has 20 years or more but less than 25 years of service credit, the retiree shall receive an early retirement reduction to the allowance based on an actuarial calculation assuming a normal retirement age of 65 years.