(1) Employees
who elected to become employees of the part 4 corporation and rolled over PERA
contributions to the part 4 corporation's qualified retirement plan - election to
return to PERA. (a) Any employee of university hospital on September 30, 1989,
who elected to become an employee of the part 4 corporation and who had all
member contributions to PERA credited to the part 4 corporation's qualified
retirement plan may elect to return to the employee's prior state employment
status and resume active membership in PERA.
(b) If an employee elects to resume active membership in PERA, the
authority is obligated to contribute to PERA an amount necessary to restore said
employee to the retirement status with PERA the employee would have attained if
said employee had never elected to become an employee of the part 4 corporation;
except that said employee shall cooperate in obtaining the refund of any moneys
contributed by the part 4 corporation and the employee under the Federal
Insurance Contributions Act, as amended, shall direct the trustee of the part 4
corporation's qualified retirement plan to distribute such employee's account
balance in the plan to the authority for transfer to PERA, and shall relinquish all
rights in the part 4 plan and the authority's qualified retirement plan. The
authority's obligation under this paragraph (b) shall be discharged consistent with
sound actuarial practices and PERA shall be obligated to act in accordance with
this paragraph (b) in order to accomplish an employee election under this
paragraph (b).
(c) An employee who elects to resume active membership in PERA may
elect, no earlier than three years after the election to return to PERA or upon
acquiring twenty years of service credit in PERA, whichever occurs first, to become
an employee of the authority and participate in the authority's qualified retirement
plan in accordance with section 23-21-508; except that said employee shall not
thereafter resume active membership in PERA while employed by the authority.
(2) Employees who elected to become employees of the part 4 corporation
and received cash - election to return to PERA. (a) Any employee of university
hospital on September 30, 1989, who elected to become an employee of the part 4
corporation and who received said employee's member contributions to PERA in
cash may elect to return to the employee's prior state employment status and
resume active membership in PERA.
(b) If an employee elects to resume active membership in PERA, the
authority is obligated to contribute to PERA an amount necessary to restore said
employee to the retirement status with PERA the employee would have attained if
said employee had never elected to become an employee of the part 4 corporation;
except that the authority shall have no such obligation unless the employee
electing pursuant to this paragraph (b) purchases all of the employee's service
credit in PERA for employment at university hospital prior to becoming a part 4
corporation employee by restoring to PERA the member contributions refunded
plus interest accrued from the date of refund to completion of purchase. Said
employee shall cooperate in obtaining the refund of any moneys contributed by the
part 4 corporation and the employee under the Federal Insurance Contributions
Act, as amended, shall direct the trustee of the part 4 corporation's qualified
retirement plan to distribute such employee's account balance in the plan to the
authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and
the authority's qualified retirement plan. The authority's obligation under this
paragraph (b) shall be discharged consistent with sound actuarial practices and
PERA shall be obligated to act in accordance with this paragraph (b) in order to
accomplish an employee election pursuant to this paragraph (b).
(c) An employee electing to resume active membership in PERA may elect,
no earlier than three years after the election to return to PERA or upon acquiring
twenty years of service credit in PERA, whichever occurs first, to become an
employee of the authority and participate in the authority's qualified retirement
plan in accordance with section 23-21-508; except that said employee shall not
thereafter resume active membership in PERA while employed by the authority.
(3) Employees who elected to become employees of the part 4 corporation
and became vested inactive members of PERA - election to return to PERA. (a)
Any employee of university hospital on September 30, 1989, who elected to
become an employee of the part 4 corporation and who became a vested inactive
member of PERA may elect to return to the employee's prior state employment
status and resume active membership in PERA.
(b) If an employee elects to resume active membership in PERA, the
authority is obligated to contribute to PERA an amount necessary to restore said
employee to the retirement status with PERA the employee would have attained if
said employee had never elected to become an employee of the part 4 corporation;
except that said employee shall cooperate in obtaining the refund of moneys
contributed by the part 4 corporation and the employee under the Federal
Insurance Contributions Act, as amended, shall direct the trustee of the part 4
corporation's qualified retirement plan to distribute such employee's account
balance in the plan to the authority for transfer to PERA, and shall relinquish all
rights in the part 4 plan and the authority's qualified retirement plan. The
authority's obligation under this paragraph (b) shall be discharged consistent with
sound actuarial practices and PERA shall be obligated to act in accordance with
this paragraph (b) in order to accomplish an employee election under this
paragraph (b).
(c) An employee who elects to resume active membership in PERA may
elect, no earlier than three years after the election to return to PERA or upon
acquiring twenty years of service credit in PERA, whichever occurs first, to become
an employee of the authority and participate in the authority's qualified retirement
plan in accordance with section 23-21-508; except that said employee shall not
thereafter resume active membership in PERA while employed by the authority.
(4) Employees of the part 4 corporation not electing to return to prior state
employment status become active members of the qualified retirement plan of
the authority. An employee of university hospital on September 30, 1989, who
elected to become an employee of the part 4 corporation and who does not elect to
return to such employee's prior state employment status and resume active
membership in PERA shall become an employee of the authority on the authority's
transfer date, shall commence active membership in the authority's qualified
retirement plan, shall receive service credit in the authority's qualified retirement
plan for the period of employment by the part 4 corporation, shall direct the trustee
of the part 4 corporation's qualified retirement plan to distribute such employee's
account balance in the plan to the authority, and shall relinquish all rights in the
part 4 plan.
(5) Employees initially employed by the part 4 corporation on or after
October 1, 1989 - election to become active members of PERA. (a) Any employee
of university hospital initially employed on or after October 1, 1989, may elect to
become a state employee and an active member of PERA.
(b) If an employee elects to become an active member in PERA, the authority
is obligated to contribute to PERA an amount necessary to establish the retirement
status with PERA the employee would have attained if said employee had been a
member of PERA from the date the employee was initially employed by the part 4
corporation; except that said employee shall cooperate in obtaining the refund of
moneys contributed by the part 4 corporation and the employee under the Federal
Insurance Contributions Act, as amended, shall direct the trustee of the part 4
corporation's qualified retirement plan to distribute such employee's account
balance in the plan to the authority for transfer to PERA, and shall relinquish all
rights in the part 4 plan and the authority's qualified retirement plan. The
authority's obligation under this paragraph (b) shall be discharged consistent with
sound actuarial practices and PERA shall be obligated to act in accordance with
this paragraph (b) in order to accomplish an employee election under this
paragraph (b).
(c) An employee who becomes an active member in PERA may elect, no
earlier than three years after the election to join PERA or upon acquiring twenty
years of service credit in PERA, whichever occurs first, to become an employee of
the authority and participate in the authority's qualified retirement plan in
accordance with section 23-21-508; except that said employee shall not thereafter
resume active membership in PERA while employed by the authority.
(6) Employees initially employed by the part 4 corporation on or after
October 1, 1989 - election to become active members of the authority's qualified
retirement plan. Any employee of university hospital initially employed on or after
October 1, 1989, who does not elect to become a state employee and an active
member in PERA shall become an employee of the authority on the authority's
transfer date, shall commence active membership in the authority's qualified
retirement plan, shall receive service credit in the authority's qualified retirement
plan for the period of employment by the part 4 corporation, shall direct the trustee
of the part 4 corporation's qualified retirement plan to distribute such employee's
account balance in the plan to the authority, and shall relinquish all rights in the
part 4 plan.
(7) Election required - when. Except as otherwise provided in subsections
(1)(c), (2)(c), (3)(c), and (5)(c) of this section, any election provided for in this section
shall be made no later than one hundred twenty days after the authority's transfer
date.