19-9-1207. Employment and benefits after DROP period.
19-9-1207. Employment and benefits after DROP period. (1) Except as otherwise provided in this section, if a member continues employment in a covered position after the DROP period ends, the board shall consider the member newly hired as of the date the DROP period ended.
(2) When a member, after the end of the DROP period, continues employment in a covered position, state contributions under 19-9-702, employer contributions under 19-9-703, and member contributions under 19-9-710 must continue to be made to the retirement system.
(3) A member who, after the end of the DROP period, continues employment in a covered position:
(a) is immediately vested for benefits accrued subsequent to the end of the DROP period; and
(b) is, upon terminating service, entitled to:
(i) the member's service retirement benefit earned prior to the DROP period, including any postretirement benefit adjustment for which the member is eligible under this chapter;
(ii) a service retirement benefit based on the member's service credit and final average compensation during membership subsequent to the end of the DROP period, including any postretirement benefit adjustment for which the member is eligible under this chapter; and
(iii) the member's DROP benefit.
History: En. Sec. 7, Ch. 514, L. 2001; amd. Sec. 103, Ch. 429, L. 2003; amd. Sec. 62, Ch. 329, L. 2005.