Higher education employees' eligibility requirements -- Election between different retirement plans -- Classification requirements -- Transfer between systems.
Higher education employees' eligibility requirements -- Election between different retirement plans -- Classification requirements -- Transfer between systems.
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(1)
(a) A regular full-time employee of an institution of higher education who is eligible to participate in either this system or in a retirement annuity contract with a public or private system, organization, or company, designated as described in Subsection (1)(c) or (d), shall, not later than January 1, 1979, elect to participate exclusively in this system or in an annuity contract allowed under this Subsection (1).
(b) The election is final, and no right exists to make any further election.
(c) Except as provided in Subsection (1)(d), the Utah Board of Higher Education shall designate the public or private retirement systems, organizations, or companies that a regular full-time employee of an institution of higher education is eligible to participate in under Subsection (1)(a).
(d) The technical college board of trustees of each technical college shall designate the public or private retirement systems, organizations, or companies that a regular full-time employee of each technical college is eligible to participate in under Subsection (1)(a).
(2)
(a) A regular full-time employee hired by an institution of higher education after January 1, 1979, may participate only in the retirement plan which attaches to the person's employment classification.
(b) Each institution of higher education shall prepare or amend existing employment classifications, under the direction of the Utah Board of Higher Education, or the technical college board of trustees of each technical college for each technical college, so that each classification is assigned with either:
(i) this system; or
(ii) a public or private system, organization, or company designated by:
(A) except as provided under Subsection (2)(b)(ii)(B), the Utah Board of Higher Education; or
(B) the technical college board of trustees of each technical college for regular full-time employees of each technical college.
(3) A regular full-time employee hired by an institution of higher education on or after July 1, 2011, whose employment classification requires participation in this system may elect to continue participation in this system upon change to an employment classification which requires participation in a public or private system, organization, or company designated by:
(a) except as provided in Subsection (3)(b), the Utah Board of Higher Education; or
(b) the technical college board of trustees of each technical college for regular full-time employees of each technical college.
(4) A regular full-time employee hired by an institution of higher education on or after July 1, 2011, whose employment classification requires participation in this system shall participate in this system.
(5) An employee's participation or election described in this section:
(a) shall be made in accordance with this section; and
(b) is subject to requirements under federal law and rules made by the board.