(1) Employees who elected to become employees of the part 4 corporation and rolled over PERA contributions to the part 4 corporation's qualified retirement plan - election to return to PERA. (a) Any employee of university hospital on September 30, 1989, who elected to become an employee of the part 4 corporation and who had all member contributions to PERA credited to the part 4 corporation's qualified retirement plan may elect to return to the employee's prior state employment status and resume active membership in PERA.
If an employee elects to resume active membership in PERA, the authority is obligated to contribute to PERA an amount necessary to restore said employee to the retirement status with PERA the employee would have attained if said employee had never elected to become an employee of the part 4 corporation; except that said employee shall cooperate in obtaining the refund of any moneys contributed by the part 4 corporation and the employee under the "Federal Insurance Contributions Act", as amended, shall direct the trustee of the part 4 corporation's qualified retirement plan to distribute such employee's account balance in the plan to the authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and the authority's qualified retirement plan. The authority's obligation under this paragraph (b) shall be discharged consistent with sound actuarial practices and PERA shall be obligated to act in accordance with this paragraph (b) in order to accomplish an employee election under this paragraph (b).
An employee who elects to resume active membership in PERA may elect, no earlierthan three years after the election to return to PERA or upon acquiring twenty years of service credit in PERA, whichever occurs first, to become an employee of the authority and participate in the authority's qualified retirement plan in accordance with section 23-21-508; except that said employee shall not thereafter resume active membership in PERA while employed by the authority.
(2) Employees who elected to become employees of the part 4 corporation and received cash - election to return to PERA. (a) Any employee of university hospital on September 30, 1989, who elected to become an employee of the part 4 corporation and who received said employee's member contributions to PERA in cash may elect to return to the employee's prior state employment status and resume active membership in PERA.
If an employee elects to resume active membership in PERA, the authority is obligated to contribute to PERA an amount necessary to restore said employee to the retirement status with PERA the employee would have attained if said employee had never elected to become an employee of the part 4 corporation; except that the authority shall have no such obligation unless the employee electing pursuant to this paragraph (b) purchases all of the employee's service credit in PERA for employment at university hospital prior to becoming a part 4 corporation employee by restoring to PERA the member contributions refunded plus interest accrued from the date of refund to completion of purchase. Said employee shall cooperate in obtaining the refund of any moneys contributed by the part 4 corporation and the employee under the "Federal Insurance Contributions Act", as amended, shall direct the trustee of the part 4 corporation's qualified retirement plan to distribute such employee's account balance in the plan to the authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and the authority's qualified retirement plan. The authority's obligation under this paragraph (b) shall be discharged consistent with sound actuarial practices and PERA shall be obligated to act in accordance with this paragraph (b) in order to accomplish an employee election pursuant to this paragraph (b).
An employee electing to resume active membership in PERA may elect, no earlierthan three years after the election to return to PERA or upon acquiring twenty years of service credit in PERA, whichever occurs first, to become an employee of the authority and participate in the authority's qualified retirement plan in accordance with section 23-21-508; except that said employee shall not thereafter resume active membership in PERA while employed by the authority.
(3) Employees who elected to become employees of the part 4 corporation and became vested inactive members of PERA - election to return to PERA. (a) Any employee of university hospital on September 30, 1989, who elected to become an employee of the part 4 corporation and who became a vested inactive member of PERA may elect to return to the employee's prior state employment status and resume active membership in PERA.
If an employee elects to resume active membership in PERA, the authority is obligated to contribute to PERA an amount necessary to restore said employee to the retirement status with PERA the employee would have attained if said employee had never elected to become an employee of the part 4 corporation; except that said employee shall cooperate in obtaining the refund of moneys contributed by the part 4 corporation and the employee under the "Federal Insurance Contributions Act", as amended, shall direct the trustee of the part 4 corporation's qualified retirement plan to distribute such employee's account balance in the plan to the authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and the authority's qualified retirement plan. The authority's obligation under this paragraph (b) shall be discharged consistent with sound actuarial practices and PERA shall be obligated to act in accordance with this paragraph (b) in order to accomplish an employee election under this paragraph (b).
An employee who elects to resume active membership in PERA may elect, no earlierthan three years after the election to return to PERA or upon acquiring twenty years of service credit in PERA, whichever occurs first, to become an employee of the authority and participate in the authority's qualified retirement plan in accordance with section 23-21-508; except that said employee shall not thereafter resume active membership in PERA while employed by the authority.
Employees of the part 4 corporation not electing to return to prior state employment status become active members of the qualified retirement plan of the authority. An employee of university hospital on September 30, 1989, who elected to become an employee of the part 4 corporation and who does not elect to return to such employee's prior state employment status and resume active membership in PERA shall become an employee of the authority on the authority's transfer date, shall commence active membership in the authority's qualified retirement plan, shall receive service credit in the authority's qualified retirement plan for the period of employment by the part 4 corporation, shall direct the trustee of the part 4 corporation's qualified retirement plan to distribute such employee's account balance in the plan to the authority, and shall relinquish all rights in the part 4 plan.
Employees initially employed by the part 4 corporation on or after October 1, 1989 - election to become active members of PERA. (a) Any employee of university hospital initially employed on or after October 1, 1989, may elect to become a state employee and an active member of PERA.
If an employee elects to become an active member in PERA, the authority is obligated to contribute to PERA an amount necessary to establish the retirement status with PERA the employee would have attained if said employee had been a member of PERA from the date the employee was initially employed by the part 4 corporation; except that said employee shall cooperate in obtaining the refund of moneys contributed by the part 4 corporation and the employee under the "Federal Insurance Contributions Act", as amended, shall direct the trustee of the part 4 corporation's qualified retirement plan to distribute such employee's account balance in the plan to the authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and the authority's qualified retirement plan. The authority's obligation under this paragraph (b) shall be discharged consistent with sound actuarial practices and PERA shall be obligated to act in accordance with this paragraph (b) in order to accomplish an employee election under this paragraph (b).
An employee who becomes an active member in PERA may elect, no earlier thanthree years after the election to join PERA or upon acquiring twenty years of service credit in PERA, whichever occurs first, to become an employee of the authority and participate in the authority's qualified retirement plan in accordance with section 23-21-508; except that said employee shall not thereafter resume active membership in PERA while employed by the authority.
Employees initially employed by the part 4 corporation on or after October 1, 1989 - election to become active members of the authority's qualified retirement plan. Any employee of university hospital initially employed on or after October 1, 1989, who does not elect to become a state employee and an active member in PERA shall become an employee of the authority on the authority's transfer date, shall commence active membership in the authority's qualified retirement plan, shall receive service credit in the authority's qualified retirement plan for the period of employment by the part 4 corporation, shall direct the trustee of the part 4 corporation's qualified retirement plan to distribute such employee's account balance in the plan to the authority, and shall relinquish all rights in the part 4 plan.
Election required - when. Except as otherwise provided in subsections (1)(c), (2)(c), (3)(c), and (5)(c) of this section, any election provided for in this section shall be made no later than one hundred twenty days after the authority's transfer date.
Source: L. 91: Entire part added, p. 580, § 2, effective June 1.
Cross references: For the "Federal Insurance Contributions Act", see 26 U.S.C. 3101 et seq.