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

49-17-301. Contributions by members and participating employers -- Retirementfees -- Deductions.
(1) In addition to the money paid to this system under Subsection (3), participatingemployers and members shall jointly pay the certified contribution rates to the office to maintainthis system on a financially and actuarially sound basis.
(2) The participating employer may make contributions on behalf of members of thissystem in addition to the contribution required of the participating employer, except that 2% ofcompensation shall be paid by the member.
(3) Fees collected under Subsection 78A-2-301(1)(j)(i) shall be paid monthly to theoffice to maintain this system and the system established under Chapter 18, Judges'Noncontributory Retirement Act.
(4) (a) All member contributions are credited by the office to the account of theindividual member.
(b) This amount, plus refund interest, is held in trust for the payment of benefits to themember or the member's beneficiaries.
(c) All member contributions are vested and nonforfeitable.
(5) (a) Each member is considered to consent to payroll deductions of the membercontributions.
(b) The payment of compensation less these payroll deductions is considered fullpayment for services rendered by the member.

Amended by Chapter 3, 2008 General Session