§ 49-11-902. Premium tax revenues -- Formula -- Deposits.

Latest version.

(1)

If the premium tax revenue received by the office under Subsection 49-11-901.5(1) and first paid in accordance with Subsections 49-11-901.5(2)(a) and (b), including any remaining amount, the office shall deposit the amount in the:

(a)	Public Safety Contributory Trust Fund created under Section 49-14-104; and

(b)	Public Safety Noncontributory Retirement Trust Fund created under Section 49-15-104.

(2)

The money deposited under this section shall be used to fund an increase for retirees in the public safety retirement systems from a 2.5% maximum annual cost-of-living adjustment to a 4% maximum annual cost-of-living adjustment under Sections 49-14-403 and 49-15-403 in the public safety retirement systems.

(3)

As required to implement this section, the office shall make the calculations and deposits for the equitable apportionment of money between:

(a)	Division A1 and B1; and

(b)	the contributory and noncontributory trust funds.

Amended by Chapter 290, 2011 General Session
Amended by Chapter 439, 2011 General Session

                    
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