Title 31, Government - Municipal

(1) Members of employers who reenter or affiliate pursuant to part 7 or part 11 of article 31 of this title 31 shall participate in the statewide retirement plan beginning on the employer's effective date pursuant to rules adopted by the board. (2) Members covered by subsection (…

(1) A department chief hired on or after April 8, 1978, is exempt from the statewide retirement plan upon the execution of a written agreement between the department chief and the chief's employer that provides for the department chief's participation in social security or in a f…

(1) An inactive member who is subsequently reemployed shall participate in the plan in the manner prescribed by rules adopted by the board. (2) (a) The board shall adopt rules regarding the treatment of a member who participates in the statewide retirement plan, incurs a bona fid…

(1) Every member covered under the defined benefit component of the statewide retirement plan shall pay into the lifetime benefits account twelve percent of base salary paid or any higher member contribution rate established pursuant to part 6 of this article 31.5. The payment sh…

(1) This component covers the members of those employers that have elected coverage under the plan pursuant to section 31-31-704.5. (2) Each member shall make contributions at one-half of the member contribution rate established for the defined benefit component in section 31-31.…

(1) Every employer shall contribute to the lifetime benefits account eight percent of the base salary of the member. The employer contribution rate shall increase by one percent of base salary to be implemented through eight annual increases as follows: Beginning in 2023, and eac…

(1) For members who elected the money purchase only option upon reentry into a predecessor plan, the contribution rate for employers and members is equal to the contribution rates established in the predecessor plan. (2) Contributions, including separate retirement account balanc…

(1) At the time of reentry or affiliation, the board may establish a continuing rate of contribution for departments reentering or affiliating with the statewide retirement plan in addition to the employer and member contributions otherwise required by this part 3 in order to mai…

Each employer shall pick up the mandatory employee contributions required under this part 3, to the extent allowed by the federal "Internal Revenue Code of 1986", as amended, and the contributions picked up shall be treated as employer contributions pursuant to section 414 (h)(2)…

(1) An employer or active member or both may be required to pay a mandatory contribution rate in excess of the rate established in section 31-31.5-301, 31-31.5-302, or 31-31.5-303 upon enactment by the employer of a resolution or ordinance setting forth the higher contribution ra…

(1) Active members may make additional after-tax contributions to the money purchase component account under part 5 of this article 31.5. Voluntary member contributions are not subject to the employer pick-up provisions of section 414 (h)(2) of the federal "Internal Revenue Code …

(1) Remittances of contributions are due no later than ten days following the date of payment of salary to a member. All remittances of contributions must be credited to the defined benefit system trust fund. (2) The payments required by this section are subject to interest as es…

Members participating in the lifetime benefit components may purchase, including by rollover or transfer of funds, additional defined benefit service credit for other public employment within the United States not covered by the plan, United States uniformed military service, or …

(1) A member with five years of service credit in one or a combination of more than one of the lifetime benefit components is considered vested for purposes of a pension payable from the lifetime benefit components of the statewide retirement plan. (2) A member is eligible for a …

(1) The general assembly declares that the rates of member and employer contributions must be adequate to fund benefit liabilities accrued under the statewide retirement plan established by this article 31.5. (2) (a) The board shall conduct an annual actuarial valuation of the st…

(1) In calculating the retirement pension for a member who has service credit in the defined benefit component, the benefit is the sum of the following: (a) Two percent multiplied by the service credit earned or purchased in the defined benefit component, not to exceed ten years …

(1) In calculating the retirement pension for a member who has service credit in the social security component, the benefit is the sum of the following: (a) One percent multiplied by the years of service credit in the social security component, not to exceed ten years of service …

(1) In calculating the normal retirement pension for a member who has years of service credit in the hybrid component, the benefit shall be: (a) A multiplier, which the board shall establish by adjusting the funding status of the predecessor statewide hybrid plan to equal the fun…

(1) A member eligible for a normal, late, or early retirement pension may elect to receive a reduced pension payable to the member and, upon the member's death a reduced benefit to the member's designated beneficiary. The board shall establish such options by rule in a manner tha…

(1) If the total amount of pension benefits paid under the lifetime benefit component as provided in this article 31.5 at the time of death is less than the amount of the members' contributions to the lifetime benefit component, the difference shall be paid to: (a) The member's e…

(1) Any member retiring and eligible for a normal or vested retirement benefit may elect to defer receipt of the pension until attaining age sixty-five years, but no later. In the case of such an election, the late retirement pension is the actuarial equivalent of the normal reti…

The board may establish by rule a deferred retirement option plan for vested members who have attained age fifty. The purpose of the DROP is to allow an eligible member to elect, in lieu of immediate termination of employment and receipt of a lifetime retirement benefit, to conti…

(1) Cost of living adjustments payable under the lifetime benefit components of the plan, if any, may be paid effective October 1 each year. To be eligible to receive a cost of living adjustment, the benefits must have been paid for at least twelve calendar months prior to the ef…

(1) (a) Any member covered by the statewide retirement plan who terminates service may elect to have the member's accumulated contributions to one or more lifetime benefit components of the plan refunded together with five percent of the member's total accumulated contributions a…

(1) A member is one hundred percent vested in the individual account in the money purchase benefit account pursuant to section 31-31.5-503. (2) Employer contributions made to the statewide retirement plan that are credited to the money purchase component account are subject to th…

The normal retirement age for the money purchase component is age fifty-five. Source: L. 2022: Entire article added, (HB 22-1034), ch. 61, p. 296, § 1, effective August 10.

(1) (a) The board shall create and maintain adequate records to disclose the interest of each member and beneficiary with assets in the money purchase component of the plan. The records must be in the form of individual accounts, and credits and charges must be made to such accou…

(1) A member's vested account balance becomes eligible for distribution upon the member's death, permanent occupational or total disability pursuant to part 8 of article 31 of this title 31, normal, vested, or early retirement, or termination of employment. (2) Upon becoming elig…

(1) Subject to the requirements set forth in subsection (2) of this section and notwithstanding any other provision of this article 31.5, the board may modify the statewide retirement plan as follows: (a) To modify the multiplier, retirement age, or service requirements for pensi…