(1) Benefits shall be payable under this section and sections 24-51-1728 to 24-51-1731 if the following conditions are met:
The employee must be an affiliate member or contributing member who has completed a period of not less than five years of active service with the district. Any contributing member or affiliate member who terminated employment prior to January 1, 1997, shall be governed by the DPS plan document.
Such member is not eligible to receive and has not received, by virtue of districtemployment, payment of any other benefits under this retirement plan. A refund of accumulated contributions is not deemed a benefit within the meaning of this section.
The employment of such member with the district, either regular or casual, has beenterminated and there has not been a withdrawal of the member's accumulated contributions. In the case of a member whose employment has terminated and who withdrew such contributions but thereafter accepted reemployment with the district, such prohibition against withdrawal shall refer to any normal, arrearage, or additional contributions thereafter made by such employee.
Within one year following an effective date of termination of employment falling onor before December 31, 2008, such member must file an election and declaration of intent to apply for a deferred retirement allowance. Such election and declaration shall be made in the manner and form as prescribed.
If a member's effective date of termination of employment falls on or after January 1,2009, such member is automatically deemed a deferred member and is eligible to apply for a deferred retirement allowance upon meeting the requirements for commencement of a deferred retirement allowance.
Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1373, § 56, effective January 1, 2010.