19-21-214. Contributions and allocations for employees in positions covered under the public employees' retirement system.
19-21-214. Contributions and allocations for employees in positions covered under the public employees' retirement system. (1) The contribution rates for employees in positions covered under the public employees' retirement system who elect to become program members pursuant to 19-3-2112 are as follows:
(a) the member's contribution rate must be the rate provided in 19-3-315; and
(b) the employer's contribution rate must be the rate provided in 19-3-316.
(2) Subject to subsection (3), of the employer's contribution:
(a) an amount equal to:
(i) 4.49% of compensation must be allocated to the participant's program account;
(ii) 2.37% of compensation must be allocated to the defined benefit plan under the public employees' retirement system as the plan choice rate; and
(iii) 0.04% of compensation must be allocated to the education fund pursuant to 19-3-112(1)(b); and
(b) on July 1, 2007, through June 30, 2009, 0.135% of compensation and on July 1, 2009, continuing until the additional employer contributions terminate pursuant to 19-3-316, 0.27% of compensation must be allocated in the following order:
(i) to the administrative account used by the public employees' retirement board to meet the expenses of the defined contribution plan's startup loan, until paid in full; and
(ii) to the defined benefit plan to eliminate the plan choice rate unfunded actuarial liability.
(3) The allocations under subsection (2) are subject to adjustment by the public employees' retirement board, but only as described in and in a manner consistent with the express provisions of 19-3-2121.
History: En. Sec. 37, Ch. 490, L. 2001; amd. Sec. 59, Ch. 114, L. 2003; amd. Sec. 8, Ch. 371, L. 2007.