Utah Admin. Code R25-15-3 - Determination of Set Aside
(1) The
division may contract with a qualified actuary to help the division determine
the expected change in the annual leave liability for a fiscal year.
(2) As required by generally accepted
accounting principles and with consideration of Subsection
67-19-14.6(4),
the division will calculate the annual leave liability to include applicable
employer paid taxes and other employer paid benefits that would be required if
the employee were paid for the annual leave.
(3) For each fiscal year, if the division
expects the annual leave liability to increase, the division, in consultation
with the Governor's Office of Management and Budget, will determine a rate for
set aside for each applicable subfund of the annual leave trust.
(4) The division will inform the legislative
Fiscal Analyst of the proposed set-aside rates.
(5) The set-aside rates will be determined as
a percentage of gross pay of an employee who is eligible to receive paid leave,
which if put into effect, would be expected to generate the amount of the
projected increase in the annual leave liability applicable to each subfund of
the annual leave trust.
(6) In
accordance with Subsection
67-19-14.6(4)(c)
and Subsection
67-19f-201(3)(b),
the proposed set-aside rates will also be adjusted or eliminated as applicable
if the accrual of funding in a subfund of the annual leave trust is expected to
reach 10% of the annual leave liability attributable to the subfund.
(7) At the beginning of each fiscal year, the
division will put into effect the set aside rates authorized by the Legislature
for the fiscal year.
Notes
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