49-17-301. Contributions by members and participating employers -- Retirement fees -- Deductions.

204 words·~1 min read·/ut/title-49/chapter-17/49-17-301

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(1)In addition to the money paid to this system under Subsection

(3), participating employers and members shall jointly pay the certified contribution rates to the office to maintain this system on a financially and actuarially sound basis.

(2)The participating employer may make contributions on behalf of members of this system in addition to the contribution required of the participating employer, except that 2% of compensation shall be paid by the member.

(3)Fees collected under Subsection 78A-2-301(1)(j)(i) shall be paid monthly to the office to maintain this system and the system established under Chapter 18, Judges' Noncontributory Retirement Act .

(a)All member contributions are credited by the office to the account of the individual member.

(b)This amount, plus refund interest, is held in trust for the payment of benefits to the member or the member's beneficiaries.

(c)All member contributions are vested and nonforfeitable.

(a)Each member is considered to consent to payroll deductions of the member contributions.

(b)The payment of compensation less these payroll deductions is considered full payment for services rendered by the member.

Amended by Chapter 3 , 2008 General Session