S.B. 201 Enrolled

RETIREMENT ELIGIBILITY FORMULA
1998 GENERAL SESSION
STATE OF UTAH
Sponsor: Michael G. Waddoups
AN ACT RELATING TO RETIREMENT; REQUIRING THE RETIREMENT BOARD TO
STUDY THE CONSOLIDATION OF RETIREMENT SYSTEMS; REQUIRING A REPORT;
PROVIDING FOR STAFFING; AND PROVIDING AN EFFECTIVE DATE.
This act enacts uncodified material.
Be it enacted by the Legislature of the state of Utah:
Section 1. Retirement study.
(1) The retirement board shall, in conjunction with participating employers and employees
of the retirement systems administered by the board, study a consolidation of all retirement
systems which it is authorized to administer.
(2) The study shall include:
(a) administration of the new plan;
(b) a uniform system of benefits;
(c) a system for establishing contribution rates for the state, educational institutions, and
political subdivisions;
(d) the protection of vested rights of members with service credit in existing retirement
systems;
(e) the feasibility of including a deferred compensation component to the retirement plan,
either in the form of an employer paid or matching contribution formula;
(f) the application of the new uniform system to prospective employees of state,
educational, and local government units;
(g) time frames for conversion to the new system;
(h) a comparison of contributory versus noncontributory retirement system contribution
rates;
(i) exemptions and exclusions from the system; and
(k) any other issues agreed upon by the board relating to unifying Chapters 2, 3, 4, 4a, 5,

and 7 of Title 49, Utah State Retirement Act.
Section 2. Report.
The board shall prepare and present a written report of its findings to the Legislative
Retirement Committee on or before November 30, 1998, in anticipation of presenting the study
findings to the 1999 Legislature and for implementation by July 1, 1999.
Section 3. Staffing.
The Retirement Office shall provide staffing, including legal and actuarial services required
for the study.
Section 4. Effective date.
If approved by two-thirds of all the members elected to each house, this act takes effect upon
approval by the governor, or the day following the constitutional time limit of Utah Constitution
Article VII, Section 8, without the governor's signature, or in the case of a veto, the date of veto
override.

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