Terms Used In Utah Code > Title 49 > Chapter 12 > Part 7 - Early Retirement Incentive

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• Office: means the Utah State Retirement Office. See Utah Code 49-11-102
• Participating employer: means an employer that meets the participation requirements of Sections 49-12-201 and 49-12-202. See Utah Code 49-12-102
• 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 allowance: means the pension plus the annuity, including any cost of living or other authorized adjustments to the pension and annuity. 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
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• System: means the Public Employees' Contributory Retirement System created under this chapter. See Utah Code 49-12-102
• Years of service credit: means :
       (7)(a) a period consisting of 12 full months as determined by the board;
       (7)(b) a period determined by the board, whether consecutive or not, during which a regular full-time employee performed services for a participating employer, including any time the regular full-time employee was absent on a paid leave of absence granted by a participating employer or was absent in the service of the United States government on military duty as provided by this chapter; or
       (7)(c) the regular school year consisting of not less than eight months of full-time service for a regular full-time employee of an educational institution. See Utah Code 49-12-102