Non-contributory Retirement
Membership Eligibility
You become a member of the Public Employee ’ s Noncontributory Retirement Systems if you work 30 hours or more a week on a full-time basis and are eligible to receive all benefits normally provided by the employer .
Retirement Contribution 401 ( k ) and 457 Plans
You can provide additional income for yourself at retirement by deferring part of your salary into the Defined Contribution Plan above the amount contributed by your employer . While federal laws limit how much you can defer , the limit is annually adjusted for inflation . All contributions you or your employer make to your Defined Contribution Plans ( s ) are refundable if you terminate your employment .
Max Contribution Rates 2024
Under 50 |
401 ( k ) |
$ 23,000 |
457 |
$ 23,000 |
Over 50 |
401 ( k ) |
$ 30,500 |
457 |
$ 30,500 |
Defined Benefit Plan - Tier I |
RETIREMENT INCOME — YOU MAY RETIRE |
1 . |
At any age with 30 years of service |
2 . |
At age 65 with at least 4 years of service |
3 . |
At age 62 with 10 years of service |
4 . |
At age 60 with 20 years of services with a 3 % actuarial reduction for each between 60 and 65 . |
5 .
6 .
With 25 years of service at any age with full actuarial reduction of approximately 7 % for each year under age 60 , and 3 % for each year between 60 and 65 .
Monthly benefits are based on your total years of creditable service and the monthly average salary of your 3 highest paid years .
For employees hired after July 1 , 2012 , the defined benefit plan is as follow . � Hybrid Option — Tier 2
� � �
35-year retirement public 1.5 % multiplier 5-year final average salary
�
2.5 % cost of living increase limit Defined Contribution Option � �
10 % public system
12 % public safety / fire Group Life Insurance
As an active member of the Utah Retirement System , you have a group life insurance policy . The death benefit is a percentage of your highest annual salary . For less than a full year of service the benefit is prorated , with a minimum of $ 1,000 . If transferred from the Contributory to the Noncontributory System , your beneficiary will also receive a refund of your vested contributions and interest .
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