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Utah Code Title 49. Utah State Retirement and Insurance Benefit Act § 49-11-902. Premium tax revenues--Formula--Deposits

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) If the premium tax revenue received by the office under Subsection 49-11-901.5(1) and first paid in accordance with Subsections 49-11-901.5(2)(a) and (b), including any remaining amount, the office shall deposit the amount in the:

(a) Public Safety Contributory Trust Fund created under Section 49-14-104; and

(b) Public Safety Noncontributory Retirement Trust Fund created under Section 49-15-104.

(2) The money deposited under this section shall be used to fund an increase for retirees in the public safety retirement systems from a 2.5% maximum annual cost-of-living adjustment to a 4% maximum annual cost-of-living adjustment under Sections 49-14-403 and 49-15-403 in the public safety retirement systems.

(3) As required to implement this section, the office shall make the calculations and deposits for the equitable apportionment of money between:

(a) Division A1 and B1; and

(b) the contributory and noncontributory trust funds.

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Cite this article: FindLaw.com - Utah Code Title 49. Utah State Retirement and Insurance Benefit Act § 49-11-902. Premium tax revenues--Formula--Deposits - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-49-utah-state-retirement-and-insurance-benefit-act/ut-code-sect-49-11-902/

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