53A-17a-125 - Appropriation for retirement and Social Security. - Utah Statutes

53A-17a-125. Appropriation for retirement and Social Security.
(1) The employee's retirement contribution shall be 1% for employees who are under thestate's contributory retirement program.
(2) The employer's contribution under the state's contributory retirement program isdetermined under Section 49-12-301, subject to the 1% contribution under Subsection (1).
(3) (a) The employer-employee contribution rate for employees who are under the state'snoncontributory retirement program is determined under Section 49-13-301.
(b) The same contribution rate used under Subsection (3)(a) shall be used to calculate theappropriation for charter schools described under Subsection (5).
(4) (a) Money appropriated to the State Board of Education for retirement and SocialSecurity money shall be allocated to school districts and charter schools based on a district's orcharter school's total weighted pupil units compared to the total weighted pupil units for alldistricts in the state.
(b) Subject to budget constraints, money needed to support retirement and SocialSecurity shall be determined by taking the district's prior year allocation and adjusting it for:
(i) student growth;
(ii) the percentage increase in the value of the weighted pupil unit; and
(iii) the effect of any change in the rates for retirement, Social Security, or both.
(5) A charter school that has made an election of nonparticipation in the Utah StateRetirement Systems in accordance with Section 53A-1a-512 and Title 49, Utah State Retirementand Insurance Benefit Act, shall use the funds described under this section for retirement toprovide its own compensation, benefit, and retirement programs.

Amended by Chapter 3, 2010 General Session