H.B. 58

1

ADDITIONAL STATE RETIREMENT BENEFIT
2 2003 GENERAL SESSION
3 STATE OF UTAH
4 Sponsor: LaWanna Lou Shurtliff
5 This act modifies the Utah State Retirement and Insurance Benefit Act by authorizing an
6 additional retirement benefit for certain retirees. This act takes effect on July 1, 2003.
7 This act affects sections of Utah Code Annotated 1953 as follows:
8 ENACTS:
9 49-11-702, Utah Code Annotated 1953
10 Be it enacted by the Legislature of the state of Utah:
11 Section 1. Section 49-11-702 is enacted to read:
12 49-11-702. Additional retirement benefit -- Implementation rules.
13 (1) (a) The board shall provide an additional benefit to retirees under Title 49, Chapter
14 12, Public Employees' Contributory Retirement Act, and Chapter 13, Public Employees'
15 Noncontributory Retirement Act, whose retirement allowance, when calculated, amounts to
16 less than the allowance provided by using 2% per year of service factor for all years of service.
17 (b) The benefit provided in Subsection (1)(a) shall be calculated by the board using a
18 formula based upon actuarial assumptions and principles that results in a benefit that is as close
19 as reasonably possible to 2% per year of service for each retiree for all years of service.
20 (2) After consultation with representatives of those retirees under Title 49, Chapters 12
21 and 13, the board shall adopt rules governing the distribution of any additional retirement
22 benefit under this section.
23 (3) The additional benefit provided in Subsection (1) shall be funded by an increase in
24 the certified contribution rates under Sections 49-12-301 and 49-13-301 .
25 Section 2. Effective date.
26 This act takes effect on July 1, 2003.

Legislative Review Note
as of 12-10-02 3:59 PM

A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel