§ 5 §18462 — Transfer from special plan

A participating local district may provide, by filing with the board a duly certified copy of its action, an additional benefit for employees under special plans who transfer to positions not under special plans. The benefits under subsection 2, paragraph A are not applicable to employees of participating local districts which have not adopted the provisions of section 18453, subsection 10 or 11.
1.
Special plan defined.
As used in this section, unless the context otherwise indicates, "special plan" means any of the retirement programs in section 18453, subsections 2 to 9.
2.
Additional creditable service.
Additional creditable service is earned by a former participant in a special plan as follows.
3.
Reduction of benefits.
Upon retirement before reaching normal retirement age, the service retirement benefit of a member who transferred or who was restored to service subject to subsection 2 must be reduced as follows.
4.
Computation of benefit.
The computation of the retirement benefit shall be based upon the member's average final compensation, as defined in section 17001, subsection 4.

Legislative History

PL 1989, c. 79, §3 (NEW). RR 2001, c. 2, §A12 (COR). PL 2001, c. 699, §§5,6 (AMD). RR 2011, c. 2, §4 (COR). PL 2013, c. 391, §13 (AMD). PL 2021, c. 548, §45 (REV).