(1) (a) (Deleted by amendment, L. 2014.)
(b) (I) Each employer having rank escalation and having old hire members shall determine for each such employee the percentage that such employee's years served as of January 1, 1980, bear to the total number of years required for retirement. At retirement, the retirement pension shall be divided into that percentage and the remainder. The portion of the retirement pension equal to that percentage earned as of January 1, 1980, shall be subject to rank escalation as provided under the old hire pension plan, and the remainder of the retirement pension shall be subject to the same adjustment as that determined by the fire and police pension association board of directors pursuant to section 31-31-407.
(II) An employer may elect to continue full rank escalation benefits for that portion of the retirement pension subject to the adjustment as provided in subparagraph (I) of this paragraph (b), but no state contribution shall be used to fund such continuation of rank escalation or any unfunded liabilities incurred as a result of such continuation of rank escalation. (c) (Deleted by amendment, L. 2014.) (d) Repealed.
(2) (a) Moneys transferred from the state treasurer as state assistance to the old hire plan members' benefit trust fund shall not revert to the general fund but are continuously available for the purposes provided in this part 3 and part 11 of article 30 of this title.
(b) No other transfers for state assistance to the old hire plans shall be made to the old hire plan members' benefit trust fund pursuant to this section.
(2.5) Repealed.
to (6) (Deleted by amendment, L. 2014.)
Source: L. 96: Entire article added with relocations, p. 874, § 1, effective May 23. L. 98: (1)(b)(I) amended, p. 826, § 43, effective August 5. L. 99: (2.5) added, p. 1269, § 2, effective
August 4. L. 2000: (2.5) repealed, p. 271, § 2, effective March 31. L. 2001: (1)(d) amended and
added, p. 302, § 2, effective August 8; (1)(d) repealed, p. 1180, § 18, effective August 8. L. 2003: (1)(a), (1)(c), (2), and (4) amended and (5) added, p. 1473, § 3, effective May 1. L. 2004:
(2) amended, p. 1203, § 72, effective August 4. L. 2005: (6) added, p. 756, § 2, effective June 1. L. 2006: (2), (5)(a), (5)(b), and (6) amended, p. 181, § 7, effective March 31. L. 2009: (1)(a),
(1)(c), (2), (4), (5)(a), and (5)(b) amended, (SB 09-227), ch. 125, p. 541, § 3, effective April 16. L. 2011: (1)(a), (1)(c), (2), (4), (5)(a)(II), and (5)(b) amended, (SB 11-221), ch. 152, p. 529, § 3, effective May 5. L. 2013: (2) and (3) amended, (SB 13-234), ch. 180, p. 663, § 1, effective May 10. L. 2014: Entire section amended, (SB 14-031), ch. 52, p. 242, § 6, effective March 20.
Editor's note: (1) This section was formerly numbered as § 31-30-1014 (4), (5), and (7).
(2) Subsection (1)(d) was amended in House Bill 01-1008. Those amendments were superseded by the repeal of subsection (1)(d) in Senate Bill 01-208.