(1)(a) (I) Notwithstanding
the exemption provided in section 31-31-401 (1)(a), any employer that covers
members under the federal Social Security Act, as amended, or any county that
covers salaried employees under the federal Social Security Act, as amended,
whose duties are peace officers or firefighters as certified by the county may elect
coverage under the statewide retirement plan social security supplemental
component established pursuant to article 31.5 of this title 31 by filing a resolution
of affiliation with the board pursuant to subsection (2) of this section. Election of
coverage under the plan shall be irrevocable.
(II)The board may allow an employer eligible for participation in the social
security pursuant to subsection (1)(a)(I) of this section to alternatively
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(1) (a) (I) Notwithstanding
the exemption provided in section 31-31-401 (1)(a), any employer that covers
members under the federal Social Security Act, as amended, or any county that
covers salaried employees under the federal Social Security Act, as amended,
whose duties are peace officers or firefighters as certified by the county may elect
coverage under the statewide retirement plan social security supplemental
component established pursuant to article 31.5 of this title 31 by filing a resolution
of affiliation with the board pursuant to subsection (2) of this section. Election of
coverage under the plan shall be irrevocable.
(II) The board may allow an employer eligible for participation in the social
security pursuant to subsection (1)(a)(I) of this section to alternatively elect to
participate in other lifetime benefit components of the statewide retirement plan
with full benefits and unreduced contribution rates. Such participation shall be as
provided by rules adopted by the board. The board may determine a continuing rate
of contribution for all members who are active on the effective date of coverage to
fund benefits as may be necessary to ensure that the affiliating employers'
coverage shall not have an adverse financial impact on the actuarial soundness of
the plan.
(b) A county electing to affiliate with the association for the purpose of
providing coverage of its peace officers or firefighters shall make such election
through the county's governing board. For purposes of administering to counties
affiliated pursuant to this section, any county electing to affiliate shall be included
in the definition of employer, as defined in section 31-31-102 (3), and any covered
peace officer or firefighter of such county shall be included in the definition of
member, as defined in section 31-31-102 (4).
(2) The employer's resolution applying for coverage by the association shall
first be adopted by the governing body of the employer and shall state the
employer's intent to cover its members under the plan.
(3) Any application for coverage by the association shall be approved by at
least sixty-five percent of all active members employed by the employer at the time
of the application who vote in the election proposing the coverage; except that no
such election shall be required if:
(a) The employer allows members to elect to remain in a predecessor plan
pursuant to association rules or if the members have approved leaving a
predecessor plan pursuant to section 24-54-106 (3); and
(b) The employer designates that all future eligible employees will
participate in a plan of the association.
(4) The board shall promulgate rules relating to standards for disclosure of
all ramifications and procedures for obtaining member approval pursuant to
subsection (3) of this section. The board shall also promulgate rules relating to
standards for granting an employer's application for participation in the plan and
for the submission of information to the board by the employer. The rules shall
contain a provision specifying that an employer that opts for coverage by the
association shall not be permitted to opt out of the coverage at any later date. The
board may adopt rules allowing an eligible individual active employee of an
affiliating department to elect to remain in a predecessor plan and not have
coverage by the association.
(5) An application for coverage by the association filed by an employer shall
include the employer's certification to the board:
(a) That all fire and law enforcement employees who are active at the time of
affiliation, except those that have elected to remain in a predecessor plan as may
be allowed by rule, and all fire and law enforcement employees who are hired after
affiliation as certified by the employer, will become participants in the plan and the
election to participate in the plan is irrevocable; and
(b) That the employer agrees to participate in the plan and to be bound by
the terms of the plan and the decisions and actions of the board with respect to the
plan.
(6) An employer that affiliates with the association pursuant to this section
shall not be prohibited from participating in other governmental pension or benefit
plans to the extent allowed under the federal Internal Revenue Code of 1986, as
amended.
(7) Nothing contained in this section shall affect the ability of an employer to
terminate social security coverage or affect the procedures for such termination.
(8) Any employer participating in the social security component of the
statewide retirement plan created pursuant to article 31.5 of this title 31 may not
elect coverage under the statewide death and disability plan under part 8 of this
article 31.