2006 Utah Code - 49-11-902 — Premium tax revenues -- Formula -- Deposits.

     49-11-902.   Premium tax revenues -- Formula -- Deposits.
     (1) (a) If the premium tax revenue received by the office under Subsection 49-16-301(6), when calculated as a percentage of the certified contribution rate for members in Division A and B, as defined under Section 49-16-301, exceeds the percentage of the certified contribution rate paid to the Firefighters' Retirement Trust Fund in accordance with Subsection 49-16-301(6) on July 1, 2004, the office shall deposit the difference in the Public Safety Retirees' Cost-of-Living Increase Restricted Account created under Section 49-11-901.
     (b) If the premium tax revenue does not exceed the percentage of the certified contribution rate paid to the Firefighters' Retirement Trust Fund in accordance with Subsection 49-16-301(6) on July 1, 2004 as calculated under Subsection (1)(a), the board may not make a deposit under Subsection (1)(a).
     (2) The office shall make the calculations, equitable apportionment of monies between Division A and B, and deposits required to implement this section.

Enacted by Chapter 262, 2004 General Session

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