Utah Code § 49-11-1001
Partial lump-sum payment option
Utah · Utah Code Title 49 — Utah State Retirement and Insurance Benefit Act · Status: effective
Cite this
- Citation
- Utah Code § 49-11-1001, Partial lump-sum payment option, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2337895
- Permanent ID
ys:prov:2337895@1- SHA-256
0004a6603c052ec5872d3dd9712fd6392a6a04ad3f9bfe85ac16c79cf5b3940f
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(1) Except as provided in Subsection (5), at the time of application for retirement, a member may elect to receive a lump-sum payment of a portion of the member's retirement allowance equal to 12 or 24 months of the member's allowance to be paid upon retirement.
(2) The member's allowance shall be reduced to reflect the actuarial value of the lump-sum received under Subsection (1).
(3) A member who has received a lump-sum payment under this section is not eligible for another lump-sum payment under this section.
(4) The board may make rules to implement this section.
(5) A member or participant of a system or plan under Chapter 22, New Public Employees' Tier II Contributory Retirement Act, or Chapter 23, New Public Safety and Firefighter Tier II Contributory Retirement Act, is not eligible to make an election under this section.