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First Substitute S.B. 252

Senator Gene Davis proposes to substitute the following bill:


             1     
FIREFIGHTER RETIREMENT AMENDMENTS

             2     
2000 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: Gene Davis

             5      AN ACT RELATING TO RETIREMENT; CREATING A DEFERRED COMPENSATION
             6      BENEFIT FOR MEMBERS OF THE FIREFIGHTERS' RETIREMENT SYSTEM; AND
             7      PROVIDING AN EFFECTIVE DATE.
             8      This act affects sections of Utah Code Annotated 1953 as follows:
             9      ENACTS:
             10          49-5-303, Utah Code Annotated 1953
             11      Be it enacted by the Legislature of the state of Utah:
             12          Section 1. Section 49-5-303 is enacted to read:
             13          49-5-303. Supplemental benefit established -- Deferred compensation plan options
             14      -- Contribution by employer and employee -- Immediate vesting of contributions -- Plans to
             15      be separate -- Tax-qualified status of plans.
             16          (1) There is established a supplemental deferred compensation benefit for members of this
             17      system.
             18          (a) (i) For members of level A under Section 49-5-301 , the member or employer shall
             19      contribute on behalf of the member the difference between 13.31% and the contribution rate
             20      established under Section 49-5-301 to a deferred compensation plan qualified under Section 401(k)
             21      of the Internal Revenue Code that is sponsored by the board.
             22          (ii) If the contribution rate established under Section 49-5-301 is greater than 13.31%, a
             23      401(k) contribution is not required under Subsection (1)(a)(i).
             24          (iii) The member may also make elective contributions to the same qualified 401(k) plan
             25      which receives the contribution described in Subsection (1)(a)(i), but only up to an amount

             26      permitted by federal law.
             27          (b) (i) For members of level B under Section 49-3-301 , the member or employer shall
             28      contribute on behalf of the member the difference between 16.71% and the contribution rate
             29      established under Section 49-5-301 to a deferred compensation plan qualified under Section 401(k)
             30      of the Internal Revenue Code that is sponsored by the board.
             31          (ii) If the contribution rate established under Section 49-5-301 is greater than 16.71%, a
             32      401(k) contribution is not required under Subsection (1)(a)(i).
             33          (iii) The member may also contribute to the same qualified 401(k) plan which receives the
             34      contribution described in Subsection (1)(b)(i), but only up to an amount permitted by federal law.
             35          (c) The member may not make elective contributions to any other qualified 401(k) plan
             36      sponsored by a state or local government.
             37          (2) The total amount contributed under Subsection (1)(a) or (b) vests to the member's
             38      benefit immediately and is nonforfeitable.
             39          Section 2. Effective date.
             40          This act takes effect on July 1, 2000.

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