49-16-402. Calculation of retirement allowance.
133 words·~1 min read·
/ut/title-49/chapter-16/49-16-402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
49-16-402. Calculation of retirement allowance.
(1)A retiree under this system shall receive an allowance equal to:
(a)2.5% of final average monthly salary multiplied by the number of years of service credit, limited to 20 years; plus
(b)2% of final average monthly salary, multiplied by the number of years of service credit in excess of 20 years.
(2)The minimum allowance payable under this section is $500.
(a)Except as modified by cost-of-living adjustments and except as provided under Subsection (3)(b) , an allowance under this system may not exceed 70% of a firefighter service employee's final average monthly salary.
(b)The allowance limitation under Subsection (3)(a) does not apply to a member who initially retires on or after July 1, 2010.
Amended by Chapter 264 , 2010 General Session