S.B. 171 Enrolled

STATE RETIREMENT FORMULA CHANGES
2001 GENERAL SESSION
STATE OF UTAH
Sponsor: John L. Valentine
This act modifies the Utah State Retirement Act to authorize an additional retirement benefit
to certain retirees. This act takes effect on July 1, 2001.
This act affects sections of Utah Code Annotated 1953 as follows:
AMENDS:
49-1-617, as enacted by Chapter 353, Laws of Utah 2000
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 49-1-617 is amended to read:
49-1-617. Payment of additional retirement benefit -- Rules for implementation.
(1) (a) [If the Legislature in an annual appropriations act with accompanying intent
language specifically authorizes this use, the] The board shall provide an additional benefit to
retirees under Title 49, Chapters 2, Public Employees' Retirement Act, and 3, Public Employees'
Noncontributory Retirement Act, whose retirement allowance, when calculated, amounts to less
than the allowance provided by using at least 1.25% per year of service factor for all years of
service rendered prior to July 1, 1967.
(b) The benefit provided in Subsection (1)(a) shall be calculated by the board using a
formula based upon actuarial assumptions and principles that results in a benefit that is as close
as reasonably possible to 1.25% per year of service for each retiree for service rendered prior to
July 1, 1967.
[(2) Upon receipt of the legislative appropriation and after]
(2) After consultation with representatives of those retirees under Title 49, Chapters 2 and
3, the board shall adopt standards and rules governing the distribution of [the money] any
additional retirement benefit under this section.
Section 2. Effective date.
This act takes effect on July 1, 2001.