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First Substitute S.B. 106

Senator Howard C. Nielson proposes to substitute the following bill:


             1     
RETIREMENT BENEFIT ENHANCEMENT

             2     
2000 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: Howard C. Nielson

             5      AN ACT RELATING TO PENSIONS; AUTHORIZING PAYMENT OF AN ADDITIONAL
             6      RETIREMENT BENEFIT TO CERTAIN RETIREES; INCREASING THE MINIMUM
             7      MONTHLY ALLOWANCE OF CERTAIN RETIREES; AND PROVIDING AN EFFECTIVE
             8      DATE.
             9      This act affects sections of Utah Code Annotated 1953 as follows:
             10      AMENDS:
             11          49-2-602, as last amended by Chapter 181, Laws of Utah 1993
             12      ENACTS:
             13          49-1-617, Utah Code Annotated 1953
             14      Be it enacted by the Legislature of the state of Utah:
             15          Section 1. Section 49-1-617 is enacted to read:
             16          49-1-617. Payment of additional retirement benefit -- Rules for implementation.
             17          (1) (a) If the Legislature in an annual appropriations act with accompanying intent
             18      language specifically authorizes this use, the board shall provide an additional benefit to retirees
             19      under Title 49, Chapters 2, Public Employees' Retirement Act, and 3, Public Employees'
             20      Noncontributory Retirement Act, whose retirement allowance, when calculated, amounts to less
             21      than the allowance provided by using at least 1.25% per year of service factor for all years of
             22      service S RENDERED PRIOR TO JULY 1, 196 7 s .
             23          (b) The benefit provided in Subsection (1)(a) shall be calculated by the board using a
             23a      S [ factor ] FORMULA BASED UPON ACTUARIAL ASSUMPTIONS AND PRINCIPLES THAT
             23b      RESULTS IN A BENEFIT s
             24      that is as close as reasonably possible to 1.25% per year of service for each retiree for service
             25      rendered prior to July 1, 1967.

             26          (2) Upon receipt of the legislative appropriation and after consultation with representatives
             27      of those retirees under Title 49, Chapters 2 and 3, the board shall adopt standards and rules
             28      governing the distribution of the money.
             29          Section 2. Section 49-2-602 is amended to read:
             30           49-2-602. Minimum monthly allowance.
             31          No member who retired under this system may receive less than [$8] $9 per month for each
             32      year of service credit at the time of retirement. The increased allowance provided by this section
             33      may not exceed the allowance payable under Plan I by more than 75%. The cost of providing this
             34      benefit shall be assumed within the contribution rate established under Section 49-2-301 .
             35          Section 3. Effective date.
             36          This act takes effect on July 1, 2000.

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