(1)Any county, or
group of counties, any municipality or group of municipalities, any political
subdivision or group of political subdivisions, or any other participating entity or
group of participating entities adopting a retirement plan or system pursuant to the
provisions of this article shall form and maintain an association for the purchase,
establishment, or procurement of a group annuity retirement plan or a noninsured
trust retirement plan. Any such association so formed shall be an instrumentality of
the members thereof. The cost and expenses incident to the formation and
maintenance of such an association and the consideration paid by any county, any
municipality, any political subdivision, or any other participating entity as an
employer pursuant to any such plan are
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(1) Any county, or
group of counties, any municipality or group of municipalities, any political
subdivision or group of political subdivisions, or any other participating entity or
group of participating entities adopting a retirement plan or system pursuant to the
provisions of this article shall form and maintain an association for the purchase,
establishment, or procurement of a group annuity retirement plan or a noninsured
trust retirement plan. Any such association so formed shall be an instrumentality of
the members thereof. The cost and expenses incident to the formation and
maintenance of such an association and the consideration paid by any county, any
municipality, any political subdivision, or any other participating entity as an
employer pursuant to any such plan are proper charges against the county, the
municipality, the political subdivision, or any other participating entity comprising
the association.
(2) (a) Any employer may withdraw from its participation in and contributions
to the association formed pursuant to this article. The employer may initiate
withdrawal from the association by filing with the board of the association a
resolution adopted by the employer pursuant to paragraph (b) of this subsection (2)
no less than ninety days prior to the effective date of withdrawal unless a shorter
waiting period is approved by the board. The effective date of withdrawal shall be
the first day of the month immediately following the month in which the waiting
period expires.
(b) The employer's withdrawal resolution shall be adopted by the governing
body of the employer and shall state the employer's intent to withdraw from
participation in the association.
(c) Any withdrawal shall be approved by at least sixty-five percent of all
active members employed by the employer who are participating in the association
at the time of the election.
(d) The board shall disclose all ramifications and procedures for obtaining
the member approval provided for in paragraph (c) of this subsection (2).
(e) All withdrawals from the association shall comply with the requirements
set forth in this section, and, except as otherwise provided in this section, all
withdrawals meeting such requirements shall be approved by the board of the
association. Withdrawal requests that do not meet the requirements of this section
shall not be approved by the board.
(3) (a) Notwithstanding subsection (2) of this section, once every four years a
board of county commissioners may initiate the withdrawal of current employees
who are peace officers in the county from its participation in and contributions to a
defined contribution plan offered by an association formed pursuant to this article
54 for the purpose of joining a retirement plan offered by the fire and police
pension association created in article 31 of title 31. The board of county
commissioners, after an association has been provided an opportunity to present
information to the board of county commissioners regarding the advantages or
disadvantages of withdrawal from an association, may initiate the withdrawal by
filing with the board of the association a resolution adopted by the board of county
commissioners pursuant to subsection (3)(b) of this section no less than ninety days
prior to the effective date of withdrawal unless a shorter waiting period is approved
by the board of an association. The effective date of withdrawal shall be the first
day of the month immediately following the month in which the waiting period
expires.
(b) A board of county commissioners' withdrawal resolution shall be adopted
by the board of county commissioners and shall state its intent to withdraw current
employees who are peace officers from participation in a defined contribution plan
offered by the association.
(c) Any withdrawal pursuant to this subsection (3) shall be approved by at
least fifty-five percent of all current employees who are peace officers proposed to
be withdrawn from a defined contribution plan.
(d) The board of the association shall disclose all ramifications and
procedures for obtaining the member approval provided for in subsection (3)(c) of
this section.
(e) Before the election to determine whether a board of county
commissioners will withdraw current employees who are peace officers from
participation in a defined contribution plan offered by an association, the board of
the association and the board of county commissioners or its designee shall be
allowed multiple opportunities to present information to current employees who are
peace officers proposed to be withdrawn from a defined contribution plan offered
by the association regarding the advantages or disadvantages of such withdrawal.
(f) All withdrawals from the association pursuant to this subsection (3) shall
comply with the requirements set forth in this section, and, except as otherwise
provided in this section, all withdrawals meeting such requirements shall be
approved by the board of the association. Withdrawal requests that do not meet the
requirements of this section shall not be approved by the board of the association.
(g) If a board of county commissioners files a resolution to withdraw current
employees who are peace officers from a defined contribution plan offered by an
association formed pursuant to this article 54, and the withdrawal is approved
pursuant to subsection (3)(c) of this section, any current employee who is a peace
officer may elect to remain an active member of such defined contribution plan if
the withdrawal becomes effective. A current employee who is a peace officer shall
notify, in writing, the board of the association and the board of county
commissioners whether he or she will remain in the defined contribution plan or
become part of the defined benefit plan administered by the fire and police pension
association. A current employee who is a peace officer shall provide such written
notice prior to the effective date of the retirement plan offered by the fire and
police pension association to begin participation in a retirement plan offered by the
fire and police pension association. If a current employee who is a peace officer
does not provide such written notice, the current employee will remain in the
defined contribution plan. A peace officer who is hired on or after the effective date
of the retirement plan offered by the fire and police pension association shall be
enrolled in the retirement plan offered by the fire and police pension association.
(h) Nothing in this subsection (3) shall be construed to prohibit a board of
county commissioners from using subsection (2) of this section to initiate the
withdrawal of current employees who are peace officers from participating in and
contributing to an association formed pursuant to this article 54.