49-16-301 - Contributions -- Two divisions -- Election by employer to pay employee contributions -- Accounting for and vesting of worker contributions -- Deductions. - Utah Statutes

49-16-301. Contributions -- Two divisions -- Election by employer to pay employeecontributions -- Accounting for and vesting of worker contributions -- Deductions.
(1) In addition to the money paid to this system under Subsection (6), participatingemployers and firefighter service employees shall jointly pay the certified contribution rates tothe office to maintain this system on a financially and actuarially sound basis.
(2) For purposes of determining contribution rates, this system is divided into twodivisions according to Social Security coverage as follows:
(a) members of this system with on-the-job Social Security coverage are in Division A;and
(b) members of this system without on-the-job Social Security coverage are in DivisionB.
(3) (a) A participating employer may elect to pay all or part of the required membercontributions, in addition to the required participating employer contributions.
(b) Any amount contributed by a participating employer under this section shall vest tothe member's benefit as though the member had made the contribution.
(c) The required member contributions shall be reduced by the amount that is paid by theparticipating employer.
(4) (a) All member contributions are credited by the office to the account of theindividual member.
(b) This amount is held in trust for the payment of benefits to the member or themember's beneficiaries.
(c) All member contributions are vested and nonforfeitable.
(5) (a) Each member is considered to consent to payroll deductions of membercontributions.
(b) The payment of compensation less these payroll deductions is considered to be fullpayment for services rendered by the member.
(6) (a) Except as provided in Section 49-11-902, in addition to contribution ratesdescribed under this section, there shall be paid to the Firefighters' Retirement Trust Fund createdunder Section 49-16-104:
(i) 50% of the annual tax levied, assessed, and collected under Title 59, Chapter 9,Taxation of Admitted Insurers, upon premiums for property insurance, as defined under Section31A-1-301, and as applied to fire and allied lines insurance collected by insurance companieswithin the state; and
(ii) 10% of all money assessed and collected under Title 59, Chapter 9, Taxation ofAdmitted Insurers, upon premiums for life insurance, as defined in Section 31A-1-301, withinthe state.
(b) Payments to the fund shall be made annually until the service liability is liquidated,after which the tax revenue provided in this Subsection (6) for the Firefighters' Retirement TrustFund ceases.

Amended by Chapter 262, 2004 General Session