(1) Only eligible employees of a state college or university for which an optional retirement plan is offered may elect to participate in an optional retirement plan.
(2) (a) Any eligible employee who is not a member, inactive member, or retiree of the association and who is initially appointed to an eligible position on or after the effective date of the establishment of one or more optional retirement plans at such eligible employee's employing institution shall participate in an optional retirement plan established by the eligible employee's employing institution pursuant to the provisions of this article.
(b) Any eligible employee who is a member or inactive member of the association with at least one year of service credit or who is a retiree of the association, and is initially appointed to an eligible position on or after the effective date of the establishment of one or more optional retirement plans at such eligible employee's employing institution shall elect, within thirty days after such appointment, either:
To join the association in accordance with the provisions of the laws applicable thereto; or
To participate in an optional retirement plan established by the eligible employee'semploying institution pursuant to the provisions of this article.
(b.5) Repealed.
(c) Any eligible employee who elects to participate in an optional retirement plan established by such eligible employee's employing institution pursuant to the provisions of paragraph (b) of this subsection (2) shall specify one of the following options:
To terminate future association contributions beginning on the date of election whilemaintaining rights as provided by the laws applicable to the association relative to any contributions or benefits accrued prior to such election;
To terminate membership in the association and to require payment by the association of all employee contributions and any accrued interest on such contributions. Such election shall constitute a waiver of all rights and benefits provided by the association except as otherwise provided by the provisions of this article. Within ninety days after receipt of notice of an election to terminate membership pursuant to the provisions of this subparagraph (II), the association shall pay to the employing institution's retirement plan on behalf of the eligible employee an amount equal to the employee's member contributions plus accrued interest on such contributions at the rate specified in section 24-51-101 (28)(a) through June 30, 1991, and at the rate specified in section 24-51-101 (28)(c) after June 30, 1991. This subparagraph (II) is not applicable to retirees of the association.
(d) Any eligible employee who is a member or inactive member of the association with less than one year of service credit and who is initially appointed to an eligible position on or after the effective date of the establishment of one or more optional retirement plans at such eligible employee's employing institution shall participate in an optional retirement plan established by the eligible employee's employing institution pursuant to the provisions of this article. Within ninety days after such appointment, the association shall pay to the employing institution's retirement plan on behalf of such eligible employee an amount equal to such eligible employee's member contributions, if any, plus interest on such contributions from the date of contribution to the date of payment at the rate specified for members in section 24-51-101 (28)(a) through June 30, 1991, and at the rate specified in section 24-51-101 (28)(c) after June 30, 1991.
(3) (a) Any eligible employee who was initially appointed to an eligible position prior to the effective date of an optional retirement plan at such eligible employee's employing institution shall elect, within sixty days after such effective date, either:
To join the association in accordance with the provisions of the laws applicable thereto; or
To participate in an optional retirement plan established by the eligible employee'semploying institution pursuant to the provisions of this article.
(b) Any eligible employee who elects to participate in an optional retirement plan established by such eligible employee's employing institution pursuant to the provisions of paragraph (a) of this subsection (3) shall specify one of the following options:
To terminate future association contributions beginning on the date of election, butmaintaining rights as provided by the laws applicable to the association relative to any contributions or benefits accrued prior to such election;
To terminate membership in the association and to require payment by the association of all employee contributions and any accrued interest on such contributions. Such election shall constitute a waiver of all rights and benefits provided by the association except as otherwise provided by the provisions of this article. Within ninety days after receipt of notice of an election to terminate membership pursuant to the provisions of this subparagraph (II), the association shall pay to the employing institution's retirement plan on behalf of the eligible employee an amount equal to the employee's retirement contributions plus accrued interest on such contributions at the rate specified in section 24-51-101 (28)(a) through June 30, 1991, and at the rate specified in section 24-51-101 (28)(c) after June 30, 1991. This subparagraph (II) is not applicable to retirees of the association.
An election to participate in an optional retirement plan pursuant to the provisions ofthis section shall be in writing and shall be filed with the association and with such eligible employee's employing institution in the manner in which such employing institution prescribes.
An election by an eligible employee to participate in an optional retirement plan ofthe employing institution shall be irrevocable and shall be accompanied by an appropriate application, where required, for the issuance of a contract or contracts under such optional retirement plan. Notwithstanding the provisions of this subsection (5), a retiree will have the choice pursuant to this subsection (5) each time the retiree is employed by the employing institution.
An election to join the association pursuant to the provisions of paragraph (b) ofsubsection (2) or paragraph (a) of subsection (3) of this section shall be in writing in the manner prescribed by the association and shall be filed with the association within thirty days after such election.
Source: L. 92: Entire article added, p. 573, § 2, effective July 1. L. 2006: (2)(b.5) added, p. 1191, § 30, effective January 1, 2008. L. 2007: (2)(b.5) repealed, p. 2014, § 8, effective January 1, 2008. L. 2010: (2)(a), IP(2)(b), (2)(c)(II), (3)(b)(II), and (5) amended, (SB 10-001), ch. 2, p. 31, § 34, effective January 1, 2011.