49-11-1001 - Partial lump-sum payment option.
49-11-1001. Partial lump-sum payment option.
(1) Except as provided in Subsection (5), at the time of application for retirement, amember may elect to receive a lump-sum payment of a portion of the member's retirementallowance equal to 12 or 24 months of the member's allowance to be paid upon retirement.
(2) The member's allowance shall be reduced to reflect the actuarial value of thelump-sum received under Subsection (1).
(3) A member who has received a lump-sum payment under this section is not eligiblefor another lump-sum payment under this section.
(4) The board may make rules to implement this section.
(5) A member or participant of a system or plan under Chapter 22, New PublicEmployees' Tier II Contributory Retirement Act, or Chapter 23, New Public Safety andFirefighter Tier II Contributory Retirement Act, is not eligible to make an election under thissection.
Amended by Chapter 266, 2010 General Session