49-22-204 - Higher education employees' eligibility requirements -- Election between different retirement plans -- Classification requirements -- Transfer between systems.
49-22-204. Higher education employees' eligibility requirements -- Electionbetween different retirement plans -- Classification requirements -- Transfer betweensystems.
(1) (a) Regular full-time employees of institutions of higher education who are eligible toparticipate 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) A regular full-time employee hired by an institution of higher education afterJanuary 1, 1979, may participate only in the retirement plan which attaches to the person'semployment 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.
(3) A regular full-time employee hired by an institution of higher education on or afterJuly 1, 2011, whose employment classification requires participation in this system may elect tocontinue participation in this system upon change to an employment classification which requiresparticipation in:
(a) an annuity plan with the Teachers' Insurance and Annuity Association of America; or
(b) another public or private system, organization, or company designated by the Boardof Regents.
(4) A regular full-time employee hired by an institution of higher education on or afterJuly 1, 2011, whose employment classification requires participation in this system shallparticipate in this system.
Enacted by Chapter 266, 2010 General Session