49-23-301 - Contributions.
49-23-301. Contributions.
(1) Participating employers and members shall jointly pay the certified contribution ratesto the office to maintain the defined benefit portion of this system on a financially and actuariallysound basis.
(2) (a) A participating employer shall pay up to 12% of compensation toward thecertified contribution rate to the office for the defined benefit portion of this system.
(b) A member shall pay the amount, if any, of the certified contribution rate for thedefined benefit portion of this system that exceeds 12% to the office.
(c) In addition to the percent specified under Subsection (2)(a), the participatingemployer shall pay the corresponding Tier I system amortization rate of the employee'scompensation to the office to be applied to the employer's corresponding Tier I system liability.
(3) A participating employer may not elect to pay all or part of the required membercontributions under Subsection (2)(b), in addition to the required participating employercontributions.
(4) (a) A member contribution is credited by the office to the account of the individualmember.
(b) This amount, together with refund interest, is held in trust for the payment of benefitsto the member or the member's beneficiaries.
(c) A member contribution is vested and nonforfeitable.
(5) (a) Each member is considered to consent to payroll deductions of membercontributions.
(b) The payment of compensation less these payroll deductions is considered fullpayment for services rendered by the member.
(6) Benefits provided under the defined benefit portion of the Tier II hybrid retirementsystem created under this part may not be increased unless the actuarial funded ratios of allsystems under this title reach 100%.
Enacted by Chapter 266, 2010 General Session