38-934. Board authorization of employer participation; employer election
A. The board, pursuant to the terms and conditions set by the board, may authorize an employer to participate in the prefunding plan.
B. An employer authorized by the board may elect to participate in the prefunding plan if all of the following occur:
1. The governing body of the employer adopts a resolution requesting to participate in the prefunding plan.
2. The employer submits a written request to participate in the prefunding plan with the resolution to the administrator of the board.
3. The governing body of the employer enters into a contract with the board setting forth the terms and conditions of that employer's participation in the prefunding plan, including reflecting or incorporating the requirements of this article and addressing funding and expenditures and actuarial, accounting, reporting and investment considerations.