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H.B. 209 Enrolled

             1     

PARTIAL LUMP-SUM RETIREMENT PAYMENT

             2     
OPTION

             3     
2006 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Chief Sponsor: David Clark

             6     
Senate Sponsor: Beverly Ann Evans

             7     
             8      LONG TITLE
             9      General Description:
             10          This bill modifies the Utah State Retirement and Insurance Benefit Act by allowing
             11      certain lump-sum payments of a portion of a member's retirement benefits.
             12      Highlighted Provisions:
             13          This bill:
             14          .    allows a member of a Utah State Retirement System to elect to receive either 12 or
             15      24 months of the member's retirement allowance in a lump-sum payment upon
             16      retirement;
             17          .    provides for an actuarial reduction of the members allowance to reflect the
             18      lump-sum payment;
             19          .    prohibits more than one lump-sum payment per member; and
             20          .    allows the Retirement Board to make rules to implement the provisions of the bill.
             21      Monies Appropriated in this Bill:
             22          None
             23      Other Special Clauses:
             24          None
             25      Utah Code Sections Affected:
             26      ENACTS:
             27          49-11-1001, Utah Code Annotated 1953
             28     
             29      Be it enacted by the Legislature of the state of Utah:


             30          Section 1. Section 49-11-1001 is enacted to read:
             31     
Part 10. Partial Lump-Sum Payments

             32          49-11-1001. Partial lump-sum payment option.
             33          (1) At the time of application for retirement, a member may elect to receive a
             34      lump-sum payment of a portion of the member's retirement allowance equal to 12 or 24 months
             35      of the member's allowance to be paid upon retirement.
             36          (2) The member's allowance shall be reduced to reflect the actuarial value of the
             37      lump-sum received under Subsection (1).
             38          (3) A member who has received a lump-sum payment under this section is not eligible
             39      for another lump-sum payment under this section.
             40          (4) The board may make rules to implement this section.


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