2006 Utah Code - 49-18-402 — Calculation of retirement allowance.

     49-18-402.   Calculation of retirement allowance.
     (1) A retiree under this system shall receive an allowance equal to:
     (a) 5% of the final average monthly salary multiplied by the number of years of service credit, limited to ten years; plus
     (b) 2.25% of the final average monthly salary multiplied by the number of years of service credit in excess of ten years and up to and including 20 years; plus
     (c) 1% of the final average monthly salary multiplied by the number of years of service credit in excess of 20 years.
     (2) Except as modified by cost-of-living adjustments, an allowance under this system may not exceed 75% of the member's final average monthly salary.
     (3) If the retiree has attained the age of 55 years and has 20 years or more of service credit, the retiree shall receive an early retirement reduction to the allowance based on an actuarial calculation assuming a normal retirement age of 65 years.

Renumbered and Amended by Chapter 250, 2002 General Session