49-11-502 - Redeposits of refunds -- Time period.
49-11-502. Redeposits of refunds -- Time period.
(1) (a) If a member receives a refund of member contributions and is subsequentlyreemployed in a position covered by a system or the Utah Governors' and Legislators' RetirementPlan, the participating employer or the member may redeposit an amount equal to the membercontributions refunded and interest charged under Section 49-11-503.
(b) The interest shall be compounded annually from the date of refund through the monthof payment.
(c) If a redeposit is made, service credit shall be restored to the member's account andcredited to the same system or the Utah Governors' and Legislator's Retirement Plan from whichthe refund was taken.
(2) (a) A member may redeposit an amount equal to a prior refund of membercontributions and interest charges in one lump sum or in monthly installments by payrolldeduction in a time period determined by the office.
(b) If the total redeposit is not made prior to the member's retirement date, the amount ofredeposit paid to the office shall be refunded to the member without interest and the member isnot entitled to service credit based on the amount of the refund.
(c) The interest rate charged during the installment period shall be a fixed rate calculatedat the time of the first installment payment in accordance with Section 49-11-503.
(3) A member who redeposits a refund of member contributions under this section shallreceive the amount of service credit forfeited in taking the refund.
(4) (a) For purposes of this section, the Public Employees' Contributory RetirementSystem created under Chapter 12, and the Public Employees' Noncontributory RetirementSystem created under Chapter 13, are considered one system.
(b) For purposes of this section, the Public Safety Contributory Retirement Systemcreated under Chapter 14, and the Public Safety Noncontributory Retirement System createdunder Chapter 15, are considered one system.
(c) For purposes of this section, the Judges' Contributory Retirement System createdunder Chapter 17, and the Judges' Noncontributory Retirement System created under, Chapter18, are considered one system.
(5) (a) The board may make rules to allow a member to make the necessary payments tothe office for redeposits under this title as permitted by federal law.
(b) The office may reject any payments if the office determines the tax status of thesystems, plans, or programs may be jeopardized by allowing the payment.
Renumbered and Amended by Chapter 250, 2002 General Session