21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Utah Retirement Benefits Plan
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US-CC-21-166
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The pension provides a lifetime monthly payment based on years of service and earnings. Pension and employer contributions to the 401(k) are vested after four years. Employer contributes an amount equal to 10% of an employee's salary to a 401(k) plan.
The average annual benefit is $17,894 per year, or $1,491 per month. Employers contribute between 14.33% - 18.76% to the fund. Each dollar invested by Utah taxpayers in the pension supported $4.72 in total economic activity in the state. an employee's years of service and average salary at the end of one's career.
If an employee resigns before the 4-year vesting requirement, what happens to the contributions and 401(k) reported for him/her? A: All non-vested funds remain with URS. 401(k) funds are forfeited if not re-employed in the system within 10 years.
65 with four years of service. 62 with 10 years of service. 60 with 20 years of service. Any age with 35 years of service.
For specific information about purchases, contact our Defined Benefit Retirement Department at 801-366-7770 or 800-695-4877. You qualify for a monthly retirement benefit if you are: ?65 with 4 years of service. ?62 with 10 years of service. ?60 with 20 years of service.
You qualify for a monthly retirement benefit if you are: ?65 with 4 years of service. ?62 with 10 years of service. ?60 with 20 years of service. ?Any age with 35 years of service.