38-740
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38-740. Return of contributions A. A member whose membership commenced before July 1, 2011 and who leaves employment other than by retirement or death may elect to receive a return of the contributions as follows: 1. If the member has less than five years of credited service, the member shall receive all of the member's contributions. 2. If a member has five or more years of credited service, the member shall receive the member's contributions and an amount equal to a percentage of the employer contributions paid on behalf of the member. The percentage of employer contributions paid on behalf of the member shall be as follows: (a) 5.0 to 5.9 years of credited service, twenty-five per cent. (b) 6.0 to 6.9 years of credited service, forty per cent. (c) 7.0 to 7.9 years of credited service, fifty-five per cent. (d) 8.0 to 8.9 years of credited service, seventy per cent. (e) 9.0 to 9.9 years of credited service, eighty-five per cent. (f) 10.0 or more years of credited service, one hundred per cent. 3. Interest on the returned contributions as determined by the board. B. A member whose membership commenced on or after July 1, 2011 and who leaves employment other than by retirement or death may elect to receive a return of all of the member's contributions with interest as determined by the board. C. Notwithstanding subsection B, if a member has five or more years of credited service and the member is terminated solely because of an employer reduction in force by reason of a lack of monies or elimination of the member's position, the member is entitled to receive the amounts prescribed in subsection A. D. Withdrawal of contributions with interest constitutes a withdrawal from membership in ASRS and results in a forfeiture of all other benefits under ASRS. E. Notwithstanding any other provision of this article, a member who has not received a return of contributions pursuant to this section may combine any two or more periods of service for purposes of determining the member's benefits. F. If a member receives more than the amount due to a member pursuant to this section, the member shall repay the amount of the overpayment together with interest at the interest rate earned on ASRS investments as reported on a quarterly basis, but not less than the valuation rate established by the board, from the time of overpayment to the settlement of the debt. |