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URS presenter reviews pension formula, buyback options and post-retirement rules
Summary
A Utah Retirement Systems (URS) presenter explained how URS calculates pensions for Tier 1 members, options to purchase service credit, partial lump-sum options, death benefits, and post-retirement employment rules including a new 80% reduction rule for certain returns to URS-eligible work.
Chris from Utah Retirement Systems delivered a technical overview of how URS computes pension benefits for Tier 1 (noncontributory public employee) members, the mechanics of purchasing service credit, payout options, and rules governing post-retirement employment.
Chris explained the basic pension formula for Tier 1 members: years of service times a multiplier (for example, 2%), multiplied by the average of the member's three highest years of salary, produces the annual basic pension. He said that service is credited by day'for'day and that the system counts partial years.
On age and eligibility, Chris said members qualify for full pension without early-age reduction at age 65 with at least four years of service or at any age with 30 years of service. He described early-age reductions: a 3% reduction for each year under 65 (for some age bands) and higher reductions (7% per year) for…
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