(1)Only eligible employees of a state college or
university for which an optional retirement plan is offered may elect to participate
in an optional retirement plan.
(2)(a) Any eligible employee who is not a member, inactive member, or
retiree of the association and who is initially appointed to an eligible position on or
after the effective date of the establishment of one or more optional retirement
plans at such eligible employee's employing institution shall participate in an
optional retirement plan established by the eligible employee's employing
institution pursuant to the provisions of this article.
(b)Any eligible employee who is a member or inactive member of the
association with at least one year of service credit or who is a retiree of the
association, and is init
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(1) Only eligible employees of a state college or
university for which an optional retirement plan is offered may elect to participate
in an optional retirement plan.
(2) (a) Any eligible employee who is not a member, inactive member, or
retiree of the association and who is initially appointed to an eligible position on or
after the effective date of the establishment of one or more optional retirement
plans at such eligible employee's employing institution shall participate in an
optional retirement plan established by the eligible employee's employing
institution pursuant to the provisions of this article.
(b) Any eligible employee who is a member or inactive member of the
association with at least one year of service credit or who is a retiree of the
association, and is initially appointed to an eligible position on or after the effective
date of the establishment of one or more optional retirement plans at such eligible
employee's employing institution shall elect, within thirty days after such
appointment, either:
(I) To join the association in accordance with the provisions of the laws
applicable thereto; or
(II) To participate in an optional retirement plan established by the eligible
employee's employing institution pursuant to the provisions of this article.
(b.5) Repealed.
(c) Any eligible employee who elects to participate in an optional retirement
plan established by such eligible employee's employing institution pursuant to the
provisions of paragraph (b) of this subsection (2) shall specify one of the following
options:
(I) To terminate future association contributions beginning on the date of
election while maintaining rights as provided by the laws applicable to the
association relative to any contributions or benefits accrued prior to such election;
(II) To terminate membership in the association and to require payment by
the association of all employee contributions and any accrued interest on such
contributions. Such election shall constitute a waiver of all rights and benefits
provided by the association except as otherwise provided by the provisions of this
article. Within ninety days after receipt of notice of an election to terminate
membership pursuant to the provisions of this subparagraph (II), the association
shall pay to the employing institution's retirement plan on behalf of the eligible
employee an amount equal to the employee's member contributions plus accrued
interest on such contributions at the rate specified in section 24-51-101 (28)(a)
through June 30, 1991, and at the rate specified in section 24-51-101 (28)(c) after
June 30, 1991. This subparagraph (II) is not applicable to retirees of the association.
(d) Any eligible employee who is a member or inactive member of the
association with less than one year of service credit and who is initially appointed to
an eligible position on or after the effective date of the establishment of one or
more optional retirement plans at such eligible employee's employing institution
shall participate in an optional retirement plan established by the eligible
employee's employing institution pursuant to the provisions of this article. Within
ninety days after such appointment, the association shall pay to the employing
institution's retirement plan on behalf of such eligible employee an amount equal to
such eligible employee's member contributions, if any, plus interest on such
contributions from the date of contribution to the date of payment at the rate
specified for members in section 24-51-101 (28)(a) through June 30, 1991, and at the
rate specified in section 24-51-101 (28)(c) after June 30, 1991.
(3) (a) Any eligible employee who was initially appointed to an eligible
position prior to the effective date of an optional retirement plan at such eligible
employee's employing institution shall elect, within sixty days after such effective
date, either:
(I) To join the association in accordance with the provisions of the laws
applicable thereto; or
(II) To participate in an optional retirement plan established by the eligible
employee's employing institution pursuant to the provisions of this article.
(b) Any eligible employee who elects to participate in an optional retirement
plan established by such eligible employee's employing institution pursuant to the
provisions of paragraph (a) of this subsection (3) shall specify one of the following
options:
(I) To terminate future association contributions beginning on the date of
election, but maintaining rights as provided by the laws applicable to the
association relative to any contributions or benefits accrued prior to such election;
(II) To terminate membership in the association and to require payment by
the association of all employee contributions and any accrued interest on such
contributions. Such election shall constitute a waiver of all rights and benefits
provided by the association except as otherwise provided by the provisions of this
article. Within ninety days after receipt of notice of an election to terminate
membership pursuant to the provisions of this subparagraph (II), the association
shall pay to the employing institution's retirement plan on behalf of the eligible
employee an amount equal to the employee's retirement contributions plus accrued
interest on such contributions at the rate specified in section 24-51-101 (28)(a)
through June 30, 1991, and at the rate specified in section 24-51-101 (28)(c) after
June 30, 1991. This subparagraph (II) is not applicable to retirees of the association.
(4) An election to participate in an optional retirement plan pursuant to the
provisions of this section shall be in writing and shall be filed with the association
and with such eligible employee's employing institution in the manner in which such
employing institution prescribes.
(5) An election by an eligible employee to participate in an optional
retirement plan of the employing institution shall be irrevocable and shall be
accompanied by an appropriate application, where required, for the issuance of a
contract or contracts under such optional retirement plan. Notwithstanding the
provisions of this subsection (5), a retiree will have the choice pursuant to this
subsection (5) each time the retiree is employed by the employing institution.
(6) An election to join the association pursuant to the provisions of
paragraph (b) of subsection (2) or paragraph (a) of subsection (3) of this section
shall be in writing in the manner prescribed by the association and shall be filed
with the association within thirty days after such election.