1910s: The "Retirement of Public School Teachers" act was passed by the
Utah Legislature, providing for the organization of teacher retirement
associations. Salt Lake City becomes the first city to establish a Teachers'
Retirement System. The first statewide pension plan was enacted, covering
all full-time paid firefighters and volunteer firefighters.
1920s: City police pension plans were established
for Salt Lake City, Ogden, Provo, and Logan, and the Prison and Industrial
School Guards Retirement System was established to cover full-time employees
of the prison.
1930s: Ogden
and Provo establish teachers retirement systems. The first state retirement
law was passed with the "Teachers' Retirement Act", and in
1937 the Teachers' Retirement System became effective, covering both
teachers and administrators.
1940s: The
Teachers' Retirement System was opened to full-time, non-teaching school
employees, the "State Officers' and Employees' Retirement System
of Utah" was created to cover state employees. Optional state coverage
was established for judges and local government employees.
1950s: The
State Employees Retirement System was repealed and Social Security coverage
was extended. The Teachers Retirement System was terminated in favor
of a new system integrated with Social Security benefits, and retirement
systems were established for Highway Patrol and Judges.
1960s: 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
under a single board. The Public employees and Teachers Employees systems
were consolidated into the State Retirement System.
1970s: Utah
Firefighters System and Judges System were established, health and medical
insurance transferred to the Retirement Office, and a Legislative subcommittee
on Retirement was established.
1980s: Custody
of the Retirement funds was transferred to the Retirement Board from
the State Treasurer. The Retirement System was declared an independent
agency. A 2 1/2% formula was implemented for Public Safety and Firefighters
Systems. The Public Employees Noncontributory Retirement System was
established. An Early Retirement Incentive bill was passed. The Retirement
Board was restructured altering the board membership and establishing
a membership council. The Public Safety Noncontributory System was established.
1990s: A
2% formula for all active public employees was implemented, and a 5%
formula for Judges.
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