95:, the State of Utah, and its counties and various political subdivisions. The old Contributory system has 159 employers, the Public Safety system has 131, and the Firefighters' system has 59 employers. (Tier 2 Public Safety and Firefighters has 149.) There is a separate retirement system for Judges, and one for Governors and Legislators. 161 employers participate in the URS 457 Savings Plans, and 380 in the 401(k) Plans.
82:. There are eight separate defined-benefit pension plans administered by URS, as well as various retirement savings plans. As of December 31, 2014, the URS was managing over $ 31 billion in its pension trust funds, for nearly 200,000 members. Besides the pension trust funds, the URS manages a 401(k), 457(b), a traditional IRA and Roth IRA with around $ 4.5 billion in assets combined at the end of 2014.
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Many public employees in Utah had some kind of pension before the creation of the URS in 1963. As early as 1919, there was a statewide retirement system for firefighters. Many cities had a retirement system for their police in the 1920s. In 1927, prison guards got a retirement system. All of these
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In the 1980s, custody of the
Retirement funds was transferred to the Retirement Board from the State Treasurer, and the Retirement System became an independent agency. The Retirement Board was restructured, altering the board membership and establishing a membership council. A system for judges was
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In 1963, joint administration was established for public employees and teachers systems. The School
Employees System, Public Employees System, Judges System, Public Safety System (including Highway Patrol), Prison Guards System, former Employee Retirement System, and Firefighters System were placed
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People hired after July 1, 2011, choose either a traditional pension plan or a 401(k)-type plan, with the state contributing 10 percent of an employee's salary (12 percent for uniformed workers) to whichever plan a worker chooses. Employer contributions to the pension plan for new employees are
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drew up a plan for a retirement system for teachers. This became the basis for the
Teachers' Retirement System, which went into effect in 1937, covering both teachers and administrators. The "State Officers' and Employees' Retirement System of Utah," later named the Public Employees' Retirement
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URS is run by a seven-member board whose members are appointed by the governor. Four of the members represent the investment community, one represents the teachers, and one represents state employees. The state treasurer is an ex-officio member of the retirement board. The board appoints the
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Under Tier I, employees are eligible to receive 2% of their salary per year of employment; e.g. retirement after 30 years earns a pension that's 60% of their salary. Under Tier II, employees earn 1.5% of their salary per year of employment and must work 35 years to receive maximum
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Members of the eight URS pension systems are the employees of over 700 different employers. The two largest systems are the Public
Employees Noncontributory Retirement Systems, Tier I and Tier II, with 463 participating employers including all of
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under a single board. The Public employees and
Teachers Employees systems were consolidated into the State Retirement System. This was the creation of the URS. Later, in the 1970s, Utah Firefighters System and Judges System were added. Also, the
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capped at 10% of the employees salary. The 'Tier II' plans require 5 more years of employment for eligibility. The legislature also limited post-retirement re-employment.
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In 2010, the Utah legislature created a "Tier II" retirement plan for new employees, with a smaller benefit than the old plan. The motivation was to avoid the
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Executive
Director. In addition to the Retirement Board, there is an advisory Membership Council made up of representatives from the member employee groups.
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System, was created in 1947. Also, optional state coverage was established for judges and local government employees.
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administers pension plans and retirement savings plans for public employees in the U.S. state of
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would eventually be absorbed into URS-administered systems. In 1934, the
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Walker, Jeannette
Neumann, Michael Corkery and Marcus (August 2, 2010).
170:"Utah Retirement Systems returns 7.52% in 2014, outpacing its benchmark"
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that have affected or threatened to affect many other jurisdictions.
313:"State workers rally against bills to change retirement benefits"
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187:"URS 2014 Comprehensive Annual Financial Report," p. 189.
216:"About Utah Retirement Systems - History" on URS website
198:"URS 2014 Comprehensive Annual Financial Report," p. 11.
158:"URS 2014 Comprehensive Annual Financial Report," p. 53.
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281:"Stressed States Are Forcing Workers to Retire Later"
266:"Pension Funds Strained, States Look at 401(k) Plans"
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297:: CS1 maint: multiple names: authors list (
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126:established a subcommittee on Retirement.
359:Public pension funds in the United States
264:Greenhouse, Steven (February 28, 2011).
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56:Dan Andersen, Executive Director
354:Retirement in the United States
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174:Pensions & Investments
115:Utah Education Association
287:– via www.wsj.com.
268:– via NYTimes.com.
93:Utah's school districts
76:Utah Retirement Systems
17:Utah Retirement Systems
317:The Salt Lake Tribune
130:added in the 1990s.
38:560 East 200 South,
285:Wall Street Journal
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349:Government of Utah
68:http://www.urs.org
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238:. Retrieved
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35:Headquarters
334:URS website
235:www.urs.org
343:Categories
240:2019-07-21
145:References
99:Governance
86:Membership
293:cite news
228:"History"
254:benefit.
108:History
64:Website
27:Formed
231:(PDF)
299:link
80:Utah
44:Utah
30:1963
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