Current as of May 05, 2022 | Updated by FindLaw Staff
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(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)(a) Except as modified by cost-of-living adjustments and except as provided under Subsection (2)(b), an allowance under this system may not exceed 70% of a retiree's final average monthly salary.
(b) The allowance limitation under Subsection (2)(a) does not apply to a member who initially retires on or after July 1, 2010.
Cite this article: FindLaw.com - Utah Code Title 49. Utah State Retirement and Insurance Benefit Act § 49-14-402. Calculation of retirement allowance - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-49-utah-state-retirement-and-insurance-benefit-act/ut-code-sect-49-14-402/
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