(1) Service credit is earned for periods of employment with an employer during which salary is received by such employee and contributions are made to the association pursuant to the provisions of section 24-51-401 (1.7). No service credit shall be earned in connection with the payment of working retiree contributions.
One year of service credit is earned for twelve calendar months of employment, forwhich contributions to the association are made, in which a member in each month earns salary greater than or equal to eighty times the federal minimum wage hourly rate in effect at the time of service. A member who is employed in a position in which the employment pattern covers a period of at least eight months but less than twelve months per year shall earn one year of service credit if at least eight months of service credit are earned during the months in which the member is employed during the year.
Earned service credit for periods of employment which do not meet the requirementsdescribed in subsection (2) of this section shall be determined by the ratio of actual salary received to eighty times the federal minimum wage hourly rate in effect at the time of service and the ratio of the number of months for which contributions are remitted to the number of months required for one year of service credit.
Earned service credit shall be recorded on an annual basis.
Earned service credit shall not extend beyond the date of death of a member.
Service credit of DPS members prior to or on December 31, 2009, shall be governedby section 24-51-1710. Beginning January 1, 2010, DPS members shall earn service credit pursuant to this section and shall purchase service credit relating to a refunded member contribution account and noncovered employment pursuant to this part 5; except that purchases by DPS members that are ongoing as of January 1, 2010, shall be governed by section 24-511705.
Source: L. 87: Entire article R&RE, p. 1057, § 1, effective July 1. L. 95: (1) amended, p. 1105, § 42, effective May 31; (2) to (4) amended, p. 263, § 3, effective July 1. L. 2009: (6) added, (SB 09-282), ch. 288, p. 1344 § 26, effective January 1, 2010. L. 2010: (1) amended, (SB 10-001), ch. 2, p. 11, § 10, effective January 1, 2011.
Editor's note: This section is similar to former §§ 24-51-101, 24-51-200.5, and 24-51215 as they existed prior to 1987. For a detailed comparison, see the comparative tables located in the back of the index.