§ 16-17.1-2 - Membership in a program.
SECTION 16-17.1-2
§ 16-17.1-2 Membership in a program.– (a) All employees including those so employed on May 24, 1967, who have notbeen active members of the state employees retirement system, upon becomingeligible for membership in a program, shall be required to participate in theprogram.
(b) All employees including those so employed on May 24,1967, who become eligible for membership in a program, and who are activemembers of the state employees retirement system, are extended the option ofcontinuing their active membership in the state employees retirement system orjoining the program and retaining a limited membership in the state employeesretirement system as set forth in this chapter and be eligible for a vestedpension only as contained in this chapter. These limited members shall not beentitled to any other benefits or provisions.
(2) All employees who become eligible for membership in theprogram after July 1, 1967, shall make their election within sixty (60) daysafter they become eligible for participation in the program. All employees notexercising the option to join a program shall be deemed to have chosen tocontinue active membership in the state employees retirement system in lieu ofexercising the option to participate under the program.
(c) Any employee who was a member of the program as anemployee of the board, who subsequently enters the employees retirement systemas a member by virtue of his or her employment, may have the option to purchasecredit for any prior service with the board under the program, provided that heor she pays into the retirement system in a lump sum:
(1) The amount he or she would have contributed to the systemhad he or she been a member during his or her service, plus regular interest;and
(2) The amount of the state's contribution to the program forhis or her service, plus regular interest; and
(3) Provided further that these payments shall be made withinthe employee's first year of membership in the retirement system.