Terms Used In Utah Code > Title 49 > Chapter 12 > Part 5 - Death Benefit

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means any person entitled to receive a payment under this title through a relationship with or designated by a member, participant, covered individual, or alternate payee of a defined contribution plan. 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
• Compensation: means the total amount of payments made by a participating employer to a member of this system for services rendered to the participating employer, including:
            (2)(a)(i) bonuses;
            (2)(a)(ii) cost-of-living adjustments;
            (2)(a)(iii) other payments currently includable in gross income and that are subject to social security deductions, including any payments in excess of the maximum amount subject to deduction under social security law;
            (2)(a)(iv) amounts that the member authorizes to be deducted or reduced for salary deferral or other benefits authorized by federal law; and
            (2)(a)(v) member contributions. See Utah Code 49-12-102
• 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
• Final average salary: means the amount calculated by averaging the highest five years of annual compensation preceding retirement subject to Subsections (3)(b), (c), (d), (e), and (f). See Utah Code 49-12-102
• Inactive member: means a member who has not been employed by a participating employer for a period of at least 120 days. See Utah Code 49-11-102
• Intestate: Dying without leaving a will.
• 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
• 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
• 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• System: means the Public Employees' Contributory Retirement System created under this chapter. See Utah Code 49-12-102