A. A participant shall contribute an amount equal to the percentage of the participant's salary that the participant would be required to contribute if the participant were, instead, a regular member. The contribution shall be made as provided by the board.
B. A qualifying state educational institution shall contribute on behalf of each participant an amount of the participant's salary equal to the contribution that would be required of the employer if the participant were, instead, a regular member. Of that contribution, a sum equal to three and one-fourth percent of the annual salary of each participant shall be paid to the fund, and the remainder of the contribution shall be paid to the alternative retirement plan as provided by the board; provided, however, that on July 1 following any report by the actuary to the board that concludes that less than three and one-fourth percent is required to satisfy the unfunded actuarial liability attributable to the participation of the participants in the alternative retirement plan, then the percentage the actuary determines is the minimum required to satisfy that liability.
C. Contributions required by this section may be made by a reduction in salary or by a public employer pick-up as provided in the Internal Revenue Code of 1986, as amended.
History: 1978 Comp., § 22-11-49, enacted by Laws 1991, ch. 118, § 7; 1999, ch. 261, § 3; 2019., ch. 258, § 6.
ANNOTATIONSCross references. — For the Internal Revenue Code of 1986, see 26 U.S.C.
The 2019 amendment, effective July 1, 2019, increased employer contribution rates; in Subsection B, after "Of that contribution", deleted "made by a qualifying state educational institution on behalf of a participant beginning October 1, 1991, or October 1, 1999, whichever is applicable", after "sum equal to", deleted "three percent" and added "three and one-fourth percent", after "concludes that less than", deleted "three percent of the contributions made by a qualifying sate educational institution on behalf of its participants" and added "three and one-fourth percent", after "retirement plan", deleted "the three percent shall be reduced" and added "then", and after "actuary", added "determines is the minimum required to satisfy that liability".
The 1999 amendment, effective June 18, 1999, inserted "or October 1, 1999, whichever is applicable" in the second sentence of Subsection B.