§ 49-17-401. Eligibility for an allowance -- Date of retirement -- Qualifications. (Effective 3/3/2014)  


Latest version.
  • (1) A member is qualified to receive an allowance when:
    (a) the member ceases actual work for every participating employer that employs the member before the member's retirement date and provides evidence of the termination;
    (b) the member has submitted to the office a retirement application form that states the member's proposed retirement date; and
    (c) one of the following conditions is met as of the member's retirement date:
    (i) the member has accrued at least six years of service credit and has attained an age of 70 years;
    (ii) the member has accrued at least 10 years of service credit and has attained an age of 62 years;
    (iii) the member has accrued at least 20 years of service credit and has attained an age of 55 years; or
    (iv) the member has accrued at least 25 years of service credit.
    (2)
    (a) The member's retirement date:
    (i) shall be the 1st or the 16th day of the month, as selected by the member;
    (ii) shall be on or after the date of termination; and
    (iii) may not be more than 90 days before or after the date the application is received by the office.
    (b) A member may not be employed by a participating employer in the system established by this chapter on the retirement date selected under Subsection (2)(a)(i).
Amended by Chapter 15, 2014 General Session