New Public Safety and Firefighter Tier II Retirement Benefits Restricted Account -- Insurance premium tax revenues -- Distribution.
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(1) As used in this section, "account" means the New Public Safety and Firefighter Tier II Retirement Benefits Restricted Account created in this section.
(2) There is created in the General Fund a restricted account known as the "New Public Safety and Firefighter Tier II Retirement Benefits Restricted Account."
(3) The account shall be funded by:
(a) insurance premium tax revenues deposited into the account in accordance with this section; and
(b) interest and earnings on account money.
(4)
(a) Subject to Subsection (6), and in accordance with this section for a fiscal year beginning on or after July 1, 2021, an amount equal to the growth in the amount of net revenue deposited in the General Fund in the current fiscal year from the annual tax levied, assessed, and collected under Title 59, Chapter 9, Taxation of Admitted Insurers, after all transfers required by state statute have been made, that exceeds the amount of net revenue deposited in the General Fund in the 2015-16 fiscal year from the annual tax levied, assessed, and collected under Title 59, Chapter 9, Taxation of Admitted Insurers, after all transfers required by state statute have been made, shall be deposited into the account.
(b) The amount described in Subsection (4)(a) shall be deposited annually.
(5) The Legislature may appropriate money in the account to fund:
(a) the contributions that state agencies make on behalf of members as an employer pick up under Subsection 49-23-301(2)(c); and
(b) nonelective contributions that state agencies make under Subsection 49-23-401(1)(b).
(6) The amount deposited into the account under Subsection (4) may not exceed the amount required to cover the contributions described in Subsection (5).