49-11-902 - Premium tax revenues -- Formula -- Deposits.
49-11-902. Premium tax revenues -- Formula -- Deposits.
(1) (a) If the premium tax revenue received by the office under Subsection 49-16-301(6),when calculated as a percentage of the certified contribution rate for members in Division A andB, as defined under Section 49-16-301, exceeds the percentage of the certified contribution ratepaid to the Firefighters' Retirement Trust Fund in accordance with Subsection 49-16-301(6) onJuly 1, 2004, the office shall deposit the difference in the Public Safety Contributory Trust Fundcreated under Section 49-14-104 and the Public Safety Noncontributory Retirement Trust Fundcreated under Section 49-15-104.
(b) If the premium tax revenue does not exceed the percentage of the certifiedcontribution rate paid to the Firefighters' Retirement Trust Fund in accordance with Subsection49-16-301(6) on July 1, 2004 as calculated under Subsection (1)(a), the board may not make adeposit under Subsection (1)(a).
(2) The money deposited under this section shall be used to fund an increase for retireesin the public safety retirement systems from a 2.5% maximum annual cost-of-living adjustmentto a 4% maximum annual cost-of-living adjustment under Sections 49-14-403 and 49-15-403 inthe public safety retirement systems.
(3) As required to implement this section, the office shall make the calculations anddeposits for the equitable apportionment of money between:
(a) Division A1 and B1; and
(b) the contributory and noncontributory trust funds.
Amended by Chapter 227, 2008 General Session