Utah Code > Title 49 > Chapter 11 > Part 5 – General Member Provisions


§ 49-11-501	Refunds of member contributions — Transfers of contributions to defined contribution plan
§ 49-11-502	Redeposits of refunds — Time period
§ 49-11-503	Rate of interest on redeposits, adjustments, and delinquent payments
§ 49-11-504	Reemployment of a retiree — Restrictions

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Terms Used In Utah Code > Title 49 > Chapter 11 > Part 5 - General Member Provisions

Active member: means a member who:
          (1)(a)(i) is employed by a participating employer and accruing service credit; or
          (1)(a)(ii) within the previous 120 days:
               (1)(a)(ii)(A) has been employed by a participating employer; and
               (1)(a)(ii)(B) accrued service credit. See Utah Code 49-11-102
Actuarial interest rate: means the interest rate as recommended by the actuary and adopted by the board upon which the funding of system costs and benefits are computed. See Utah Code 49-11-102
Agency: means :
          (4)(a)(i) a department, division, agency, office, authority, commission, board, institution, or hospital of the state;
          (4)(a)(ii) a county, municipality, school district, special district, or special service district;
          (4)(a)(iii) a state college or university; or
          (4)(a)(iv) any other participating employer. See Utah Code 49-11-102
Board: means the Utah State Retirement Board established under Section 49-11-202. See Utah Code 49-11-102
Contract: A legal written agreement that becomes binding when signed.
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
defined contribution plan: means any defined contribution plan or deferred compensation plan authorized under the Internal Revenue Code and administered by the board. 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
Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
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
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
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
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
Participating employer: means a participating employer, as defined by Chapter 12, Public Employees' Contributory Retirement Act, Chapter 13, Public Employees' Noncontributory Retirement Act, Chapter 14, Public Safety Contributory Retirement Act, Chapter 15, Public Safety Noncontributory Retirement Act, Chapter 16, Firefighters' Retirement Act, Chapter 17, Judges' Contributory Retirement Act, and Chapter 18, Judges' Noncontributory Retirement Act, or an agency financed in whole or in part by public funds which is participating in a system or plan as of January 1, 2002. See Utah Code 49-11-102
Person: means :
     (24)(a) an individual;
     (24)(b) an association;
     (24)(c) an institution;
     (24)(d) a corporation;
     (24)(e) a company;
     (24)(f) a trust;
     (24)(g) a limited liability company;
     (24)(h) a partnership;
     (24)(i) a political subdivision;
     (24)(j) a government office, department, division, bureau, or other body of government; and
     (24)(k) any other organization or entity. See Utah Code 68-3-12.5
Plan: means the Utah Governors' and Legislators' Retirement Plan created by Chapter 19, Utah Governors' and Legislators' Retirement Act, the New Public Employees' Tier II Defined Contribution Plan created by Chapter 22, Part 4, Tier II Defined Contribution Plan, the New Public Safety and Firefighter Tier II Defined Contribution Plan created by Chapter 23, Part 4, Tier II Defined Contribution Plan, or the defined contribution plans created under Section 49-11-801. See Utah Code 49-11-102
Refund interest: means the amount accrued on member contributions at a rate adopted by the board. See Utah Code 49-11-102
Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
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
Retirement date: means the date selected by the member on which the member's retirement becomes effective with the office. 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 individual retirement systems created by Chapter 12, Public Employees' Contributory Retirement Act, Chapter 13, Public Employees' Noncontributory Retirement Act, Chapter 14, Public Safety Contributory Retirement Act, Chapter 15, Public Safety Noncontributory Retirement Act, Chapter 16, Firefighters' Retirement Act, Chapter 17, Judges' Contributory Retirement Act, Chapter 18, Judges' Noncontributory Retirement Act, and Chapter 19, Utah Governors' and Legislators' Retirement Act, the defined benefit portion of the Tier II Hybrid Retirement System under Chapter 22, Part 3, Tier II Hybrid Retirement System, and the defined benefit portion of the Tier II Hybrid Retirement System under Chapter 23, Part 3, Tier II Hybrid Retirement System. 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