Title 7, Government Employees

(a) The responsibility for the proper administration of the fund and the direction of its policies shall be vested in a Board of Trustees consisting of five members as follows: three members appointed by the Governor, who shall be members of the Fund having at least five years of…

The Board of Trustees shall have, in addition to other duties arising out of this chapter. the following duties: (1) establish and maintain an office, in the facilities provided by the government; provided however that should the trustees determine that facilities provided by the…

The Executive Director shall be in charge of the administration of the detailed affairs of the Fund. He shall keep all books, records, files, and accounts of the Fund and receive all applications for annuities, benefits, and refunds. He shall prepare periodic reports relative to …

(a) Subject to the approval of the Board, the Executive Director may employ an assistant director and such clerical, medical or other assistance as shall be necessary for the proper administration of the fund. Subject to the approval of the Board, the Executive Director may also …

The Fund shall save harmless, indemnify and defend all Trustees of the Board, officers, employees and attorneys of the fund from financial loss arising out of any claim, demand, suit or judgment by reason of alleged negligence or other act by such trustee, officer, employee, or a…

The following employees shall be members of the Fund and subject to the provisions of this chapter: (a) All employees, regardless of age or length of service, in the service of the government on the operative date of the fund, shall become members of the Fund by virtue of their e…

The following employees are not eligible for membership in the Fund: (1) a person occupying a position whose duties will not permit service for more than 100 days per year; (2) a person whose services are compensated on a fee basis; (3) an independent contractor; (4) a person who…

(a) Credit for service prior to the operative date of the Fund is granted as follows: (1) Every employee who becomes a member of the fund on its operative date shall be entitled to prior service credit, without cost to himself, for periods of prior employment during which he has …

(a) The contributions required pursuant to 7.1430 for the purchase of creditable service, with the exception of subsection (b) thereof, shall be computed by multiplying the member’s normal monthly contributions at the time the request for credit is initiated by the number of mont…

(a) The government shall make contributions to the Fund each year on an actuarially funded basis as determined by the Board. Based on actuarial assumptions adopted by the Board, the actuary, with approval of the Board, will determine the normal cost contribution percentage payabl…

(a) Each member of the Fund shall contribute 2.85 percent of the salary earned and accruing to such member subsequent to the operative date. Beginning 1 October 1981, each member of the Fund shall contribute to the Fund each fund-year 3 percent of compensation earned and accruing…

An employee who is ineligible for membership in the Fund shall not have any deduction made from his salary for a contribution to the Fund. History: 1971, PL 12-29 § 13; 1972, PL 12-48 § 4.

(a) An individual account shall be maintained for each member, to which shall be credited the amounts of his contributions and regular interest thereon. (b) Regular interest on such contributions shall be credited annually, at the close of each year, and shall be allowed only on …

Each member shall, by virtue of the payment of contributions to the Fund, receive a vested interest in such contributions, and, in consideration of such vested interest, shall be conclusively deemed to undertake and agree to pay the same and to have the amounts deducted from his …

The right to a retirement annuity, or refund, is personal to the recipient, and the assignment or transfer of such benefit or any part thereof shall be void, except as otherwise provided in this chapter. No annuity or refund shall answer for debts contracted by the person receivi…

(a) Any member whose employment is terminated for any reason other than retirement is entitled to the return of all contributions he has made plus regular interest. Refund is made upon application by the member on a form provided by the board. (b) Acceptance of this refund termin…

An active member may not withdraw any of his accumulated contributions during his employment. History: 1971, P 12-29 § 11.

(a) Notice. All employees must be advised of their eligibility for normal or early retirement upon attaining the necessary age and creditable service. However, failure to receive the notice shall not prevent the retirement or postpone the retirement date. (b) Voluntary Retirement…

(a) Each member shall receive an annual service retirement annuity on retirement equal to 2 percent of the average annual salary of the member multiplied by his total years of service up to a maximum of 30 years. Effective immediately and payable from October 1, 2008, as applicab…

(a) Should a member in either an active or inactive status die prior to actual retirement, his accumulated contributions plus interest to the date of death shall be paid to his survivors as provided in this section. Should a retired member die before the annuity paid equals the a…

(a) The reserves of the Fund in excess of requirements for current operations shall be invested and reinvested by or under authority of the Board of Trustees. At its discretion, the Board may designate one or more of its members to supervise this function; in either case, referen…

A member or an employee of the Board may not have any direct or indirect interest in the income, gains or profits on any investment made by the Board, or receive any pay or emolument for services in connection with any investment made by the Board. A member or an employee of the …

An adequate system of accounts and records shall be established and maintained for the Fund. It shall fully reflect the requirements of the provisions of this chapter, and shall be integrated, to the extent possible, with the accounts, records and procedures of the government, to…

The costs and expenses of the administration of the Fund, including any custodial and audit fees incurred in connection with the financial operations of the Fund are paid by the Fund. History: 1971, PL 12-29 § 18; 1972, PL 12-48 § 10; amd 1985, Amendments: 1985 deleted “shall be …

Every 5 years an actuarial survey and investigation shall be made of the operating experience of the fund, including a study of the rates of mortality, disability, retirement and separations, and of other essential factors relating to the operations of the Fund. The survey also p…

(a) A person who knowingly makes any false statement, or falsifies, or permits to be falsified, any record or records of the Fund in any attempt to defraud the Fund, shall be sentenced as for a class D felony. (b) In addition to the penalty in subsection (a), the government has a…