URS Retirement Qualifications
Age 65+ with 4 years of service or more*
Age 62 with 10 years of service or more*
Age 60 with 20 years of service or more*
Any age with 25 years of service*
Any age with 30 years of service*
*Retiring before age 65 with fewer than 30 years of service reduces your monthly benefit.
The Utah Retirement System (URS) manages the retirement for Canyons School District. Please contact them for questions regarding your retirement or problems with their website.
Their website URS.org is easy to use and has many resources including publications, forms, calculators, and seminars/ webinars. You can also manage your URS investments, and check your years of service.
Helpful Meetings with the URS
Many people worry about retirement planning, with questions such as:
- Will I have enough money when I retire?
- Do I have the right investments?
- What can I really expect in retirement?
- Do I choose Tier 2 Hybrid or 401(k) for my benefit?
The URS has One-on-One meetings they can do by zoom or by phone.
To schedule a meeting, log into urs.org, click the Education tab, Click One-on-One Meeting, and choose the date and time that works best for you. You will then be prompted to complete a 10 question questionnaire to determine your attitudes toward risk. It only takes a few minutes, but please don’t skip this, as the URS needs it to provide advice during the appointment.
A full planning meeting typically lasts about 50 minutes.
URS requires retirees to wait one full year from the date of their retirement before returning to work with an employer that participates with the URS. This includes substitutes or part-time hourly work. Post Retirement Employment Brochure.
If you do not wait a full year you will be limited to $17,000 or half of your retirement salary which ever is less and you cannot take a position that offers benefits including sick leave, insurance personal days etc. This limit is in place forever more until you sit out one year from the last date you worked.
Example: an employee retired in June 2020, they go back and sub in December 2020. The one year waiting would start over from December 2020 and continue until the employee didn’t work a full year.
Wait One Year
We encourage retirees to wait the full year as soon as they retire, after the waiting period has been met, they can go back to work and receive their pension and a full salary with no limitations.
Tier 1 Retirement (Hired Prior to July 1, 2011)
Pension: 2% times the number of years you work times the average of the highest 3 year’s salary.
And 401k: 1.5% of your salary contributed by the District to your 401k.
For more information see URS Tier 1 Basics Brochure.
Tier 2 Retirement (Hired After July 1, 2011)
Option 1: Hybrid Pension 1.5% times the number of years you work times the average of the highest 5 year’s salary. Plus .89% (less than 15)of your salary is contributed to your 401k by the District.
For more information see URS Tier 2 Hybrid Option Brochure.
Option 2: Defined Contribution (401k) 10% of your salary is contributed to you 401k by the District.
For more information see URS Tier 2 401k Option Brochure.