§ 24-51-1509 — Rights of defined contribution plan members

(1) A defined
contribution plan member shall not be considered a member or a retiree for the
purpose of parts 4 to 12 of this article, nor shall his or her survivors or beneficiaries
be considered benefit recipients.

(2) A defined contribution plan member may participate in optional life
insurance, long-term care insurance, the voluntary investment program, and the
deferred compensation plan as provided in this article.

(3) A member of the defined contribution plan shall be eligible to enroll in
the health care program as a benefit recipient pursuant to section 24-51-1204 (1)(a)
only if the member elects the lifetime annuity distribution option. Any premium
subsidy paid shall be based on the years of service credit in the defined benefit
plan.

(4) A member of the defined contribution plan who has reached the age at
which a distribution would not be subject to a penalty pursuant to the federal
Internal Revenue Code of 1986, as amended, and who returns to employment
shall be subject to the provisions of part 11 of this article concerning employment
after retirement.

(5) (Deleted by amendment, L. 2009, (SB 09-66), ch. 73, p. 254, � 12,
effective March 31, 2009.)

Legislative History

Source: L. 2004: Entire part added, p. 1950, � 23, effective January 1, 2006. L. 2009: (2) and (5) amended, (SB 09-066), ch. 73, p. 254, � 12, effective March 31.