Types of Plans
UTA offers a voluntary 457 Deferred Compensation Plan, a Defined Benefit Pension Plan, and a Retiree Medical Account.
457 Deferred Compensation Plan: An employee and employer funded plan. Full or part time regular employees may elect to participate in the Plan after one (1) year of employment. You will receive an annual Retirement Savings Incentive Bonus of $2.00 for every $3.00 deferred up to a maximum of 2% of your annual compensation.
Pension: An employer funded plan. An earned monthly benefit paid to the employee upon retirement. The monthly benefit amount is based on years of service and average compensation. Full-time employees are automatically enrolled in the Pension Plan and are 100% vested after five years of service.
Retiree Medical Account (RMA): An employer funded plan. The Retiree Medical account is funded by personal time during employment and unpaid sick or personal time at the time of retirement. Funds are 100% vested after five years of service. A vested Retiree Medical Account can be used for post-employment medical expense reimbursement for all medical expenses eligible under Internal Revenue Code Section 213 including the cost of health plan and dental plan premiums. It cannot be used for reimbursement of direct long-term care expenses typically provided in a nursing home facility. Reimbursement for qualifying medical expenses is tax-free.
ICMA_RC - http://www.icmarc.org/
Mutual of America - http://www.mutualofamerica.com/
Utah Transit Authority's Retirement Office is located at 669 W 200 S, Salt Lake City, UT 84101
457 Deferred Compensation Forms:
- 457 Salary Reduction Agreement
- ICMA-RC - Beneficiary Designation
- ICMA-RC - Employee Information Change
- MOA - Beneficiary Designation
- MOA - Employee Information Change
- MOA Trust as Beneficiary
Retiree Medical Account Forms: