Utah Statutes
§ 49-11-1001 — Partial lump-sum payment option.
Utah·Title 49 Utah State Retirement and Insurance Benefit Act·Ch. 49-11 Utah State Retirement Systems Administration·Part 49-11-10 Partial Lump-Sum Payments
(1)Except as provided in Subsection (5), at the time of application for retirement, a member may elect to receive a lump-sum payment of a portion of the member's retirement allowance equal to 12 or 24 months of the member's allowance to be paid upon retirement.
(2)The member's allowance shall be reduced to reflect the actuarial value of the lump-sum received under Subsection (1).
(3)A member who has received a lump-sum payment under this section is not eligible for another lump-sum payment under this section.
(4)The board may make rules to implement this section.
(5)A member or participant of a system or plan under Chapter 22, New Public Employees' Tier II Contributory Retirement Act, or Chapter 23, New Public Safety and Firefighter Tier II Contributory Retirement Act, is not eligible
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Legislative History
Amended by Chapter 266, 2010 General Session
Nearby Sections
15
§ 49-11-1001
Partial lump-sum payment option.§ 49-11-101
Title.§ 49-11-102
Definitions.§ 49-11-103
Purpose -- Liberal construction.§ 49-11-1102
Public notice of administrative board meetings -- Posting on Utah Public Notice Website.§ 49-11-1103
Public information requests.§ 49-11-1201
Title.§ 49-11-1202
Definitions.§ 49-11-1203
Applicability.§ 49-11-1206
Notice of postretirement reemployment.§ 49-11-1208
Rulemaking.