Refunds of member contributions -- Transfers of contributions to defined contribution plan.
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(1) If a member shall for any cause, except retirement, permanent or temporary disability, or death, terminate employment with a participating employer the member may leave the member contributions in the fund or may receive a refund of the member contributions as provided under this section.
(2) A member who applies for a refund of member contributions shall apply in writing on forms provided by the office.
(3) A refund of member contributions may not be made to a member within 60 days from the last date of the pay period for which contributions are made by or on behalf of the member.
(4) If the member is reemployed by a participating employer within the time period under Subsection (3), the member is not eligible for a refund.
(5) A member who receives a refund of member contributions forfeits the service credit based on those contributions.
(6) A member who is exempted from or becomes ineligible for service credit in a system but who remains employed by a participating employer may request a direct transfer of member contributions to a qualified plan.
(7) A member who remains employed with an employer which has withdrawn from a system may request a plan-to-plan transfer of member contributions to a qualified defined contribution plan administered by the board or a qualified plan offered by the member's employer.
(8) Refund interest shall be paid on refunds of member contributions under this section.