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H.B. 145

This document includes House Committee Amendments incorporated into the bill on Wed, Jan 30, 2008 at 10:32 AM by ddonat. --> This document includes House Committee Amendments incorporated into the bill on Wed, Jan 30, 2008 at 10:41 AM by ddonat. -->              1     

ADDITIONAL STATE RETIREMENT BENEFIT

             2     
2008 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Kory M. Holdaway

             5     
Senate Sponsor: Brent H. Goodfellow

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill modifies the Utah State Retirement and Insurance Benefit Act by authorizing
             10      an additional retirement benefit for certain retirees.
             11      Highlighted Provisions:
             12          This bill:
             13          .    increases the retirement allowance of members of the Public Employees'
             14      Contributory Retirement System with service prior to July 1, 1975; and
             15          .    increases the retirement allowance of members of the Public Employees'
             16      Noncontributory Retirement System with service prior to July 1, 1975.
             17      Monies Appropriated in this Bill:
             18          None
             19      Other Special Clauses:
             20          This bill takes effect on July 1, 2008.
             21      Utah Code Sections Affected:
             22      ENACTS:
             23          49-11-702, Utah Code Annotated 1953
             24     
             25      Be it enacted by the Legislature of the state of Utah:
             26          Section 1. Section 49-11-702 is enacted to read:
             27          49-11-702. Additional retirement benefit -- Implementation rules.


             28          (1) (a) The board shall provide an additional benefit to retirees under Title 49, Chapter
             29      12, Public Employees' Contributory Retirement Act, and Chapter 13, Public Employees'
             30      Noncontributory Retirement Act, whose retirement allowance, when calculated, amounts to
             31      less than the allowance provided by using at least 2% per year of service factor for all years of
             32      service rendered.
             33          (b) The benefit provided in Subsection (1)(a) shall be calculated by the board using a
             34      formula based upon actuarial assumptions and principles that results in a benefit that is as close
             35      as reasonably possible to 2% per year of service for each retiree for all years of service
             36      rendered.
             37          (2) After consultation with representatives of those retirees under Title 49, Chapters 12
             38      and 13, the board shall adopt rules governing the distribution of any additional retirement
             39      benefit under this section.
             40           H. [ (3) The additional benefit provided in Subsection (1) shall be funded by an increase in
             41      the certified contribution rates under Sections 49-12-301 and 49-13-301 .
] .H

             42          Section 2. Effective date.
             43          This bill takes effect on July 1, 2008.




Legislative Review Note
    as of 12-4-07 12:40 PM


Office of Legislative Research and General Counsel


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