49-13-204 - Higher education employees' eligibility requirements -- Election between different retirement plans -- Classification requirements -- Transfer between systems -- One-time election wind
49-13-204. Higher education employees' eligibility requirements -- Electionbetween different retirement plans -- Classification requirements -- Transfer betweensystems -- One-time election window -- Rulemaking.
(1) (a) A regular full-time employee of an institution of higher education who is eligibleto participate in either this system or in a retirement annuity contract with the Teachers' Insuranceand Annuity Association of America or with any other public or private system, organization, orcompany, designated by the Board of Regents, shall, not later than January 1, 1979, elect toparticipate exclusively in this system or in an annuity contract allowed under this Subsection(1)(a).
(b) The election is final, and no right exists to make any further election.
(2) (a) Except as provided under Subsection (2)(c), a regular full-time employee hired byan institution of higher education after January 1, 1979, may participate only in the retirementplan which attaches to the person's employment classification.
(b) Each institution of higher education shall prepare or amend existing employmentclassifications, under the direction of the Board of Regents, so that each classification is assignedwith either:
(i) this system;
(ii) the Teachers' Insurance and Annuity Association of America; or
(iii) another public or private system, organization, or company designated by the Boardof Regents.
(c) Notwithstanding a person's employment classification assignment under Subsection(2)(b), a regular full-time employee who begins employment with an institution of highereducation on or after May 11, 2010, has a one-time irrevocable election to continue participationin this system, if the employee has service credit in this system before the date of employment.
(3) Notwithstanding an employment classification assignment change made underSubsection (2)(b), a regular full-time employee hired by an institution of higher education afterJanuary 1, 1979, whose employment classification requires participation in this system may electto continue participation in this system.
(4) A regular full-time employee hired by an institution of higher education after January1, 1979, whose employment classification requires participation in this system shall participate inthis system.
(5) (a) Notwithstanding any other provision of this section, a regular full-time employeeof an institution of higher education whose employment classification assignment underSubsection (2)(b) required participation in a retirement program other than this system shall havea one-time irrevocable election to participate in this system.
(b) The election under Subsection (5)(a) shall be made before June 30, 2010.
(c) All forms required by the office must be completed and received by the office no laterthan June 30, 2010, for the election to participate in this system to be effective.
(d) Beginning July 1, 2010, a regular full-time employee of an institution of highereducation who elects to be covered by this system under Subsection (5)(a) may begin to accrueservice credit in this system.
(6) A regular full-time employee of an institution of higher education who elects to becovered by this system under Subsection (2)(c) or (5)(a) may purchase periods of employmentwhile covered under another retirement program by complying with the requirements of Section49-11-403.
(7) The board shall make rules to implement this section.
Amended by Chapter 158, 2010 General Session