19-6-1007. Employment and benefits after DROP period. (1) When a member, after the end of the DROP period, continues employment in a covered position, state contributions under 19-6-410, employer contributions under 19-6-404, and member contributions under 19-6-402 must continue to be made to the retirement system.
(2) A member who, after the end of the DROP period, continues employment in a covered position is:
(a) immediately vested for benefits accrued subsequent to the end of the DROP period; and
(b) upon terminating service, entitled to:
(i) the member's service retirement benefit earned prior to the DROP period, including any postretirement benefit adjustment on that benefit for which the member is eligible under this chapter, subject to subsection (3);
(ii) a service retirement benefit based on the member's service credit and highest average compensation during membership subsequent to the end of the DROP period, including any postretirement benefit adjustment on that benefit for which the member is eligible under part 7 of this chapter, subject to subsection (3); and
(iii) the member's DROP benefit.
(3) The postretirement benefit adjustment applied pursuant to subsections (2)(b)(i) and (2)(b)(ii) must commence on January 1 immediately following the member's retirement and does not apply to the member's DROP benefit.
History: En. Sec. 7, Ch. 258, L. 2015.