Chapter 88 — Pension

§88-225 Purpose of contribution fund. The contribution fund shall be established and held separate and apart from any other state funds or moneys and shall be used and administered exclusively for the purpose of this part. Withdrawals from the fund shall be made for, and solely f…

§88-226 Payments to federal government. From the contribution fund the custodian of the fund shall pay to the Secretary of the Treasury such amounts and at such time or times as may be directed by the state agency in accordance with any agreement entered into under section 88-212…

§88-227 Custodian of fund. The state director of finance shall be ex officio treasurer and custodian of the contribution fund and shall administer the fund in accordance with this part and the directions of the state agency and shall pay all warrants drawn upon it in accordance w…

§88-228 Appropriations to contribution fund. (a) There are hereby authorized to be appropriated to the contribution fund, in addition to the contributions collected and paid into the contribution fund under sections 88-215 and 88-221 to 88-223, to be available for the purposes of…

§88-229 Rules and regulations. The state agency shall make and publish such rules and regulations, not inconsistent with this part, as it finds necessary or appropriate to the efficient administration of the functions with which it is charged under this part. [L 1953, c 217, §8; …

§88-23 General administration of system vested in board. The general administration and the responsibility for the proper operation of the retirement system and for making effective the provisions of this part and parts VII and VIII are vested in a board of trustees; subject, how…

§88-230 Studies and reports. The state agency shall make studies concerning the problem of old age and survivors insurance protection for employees of the State and local governments and instrumentalities and concerning the operation of agreements made and plans approved under th…

§88-24 Composition of board. The board of trustees shall consist of eight members as follows: Each trustee shall serve until the trustee's successor is elected or appointed, as the case may be, and qualified. For the purpose of this section, the term "general employees" includes …

§88-25 Vacancy. If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled, except in the case of the trustees elected by the members, in which case the vacancy may be filled for the unex…

PART VII. RETIREMENT FOR CLASS C PUBLIC OFFICERS AND EMPLOYEES A. Applicability of Part II §88-251 Applicability. The following provisions of part II shall apply to this part:

§88-26 Expenses of trustees. The trustees shall serve without compensation but they shall be reimbursed from the expense fund for all necessary expenses and for any loss of salary or wages they may suffer through serving the board of trustees. [L 1925, c 55, §5(4); RL 1935, pt of…

B. Definitions §88-261 Definitions. (a) The following words and phrases as used in this part shall have the same meanings as defined in section 88-21, unless a different meaning is plainly required by the context: "accumulated contributions"; "actuarial equivalent"; "average fina…

§88-27 Oath of trustees. Each trustee shall, within ten days after the trustee's appointment or election, take an oath of office that, so far as it devolves upon the trustee, the trustee will diligently and honestly administer the affairs of the board of trustees, and that the tr…

C. Membership, Credited Service §88-271 Election. (a) Any class A or class B member who: may elect to become a class C member effective January 1, 1985; or upon return to service, by filing an election form with the board. The election shall be made prior to December 1, 1984, or …

§88-272 Credited service. Credited service includes:

§88-273 Break in service; reemployment. (a) Any class C member who terminates service prior to accumulating ten years of credited service, excluding unused sick leave, shall cease to be a member and shall forfeit all credited service; provided that: Subject to the provisions of s…

§88-28 Voting; rules. Each trustee shall be entitled to one vote on the board of trustees. Five concurring votes shall be necessary for a decision by the trustees at any meeting of the board. Subject to the limitations of this part, the board, from time to time, shall establish r…

D. Eligibility; Benefits §88-281 Service retirement. (a) A member who has ten years of credited service and has attained age sixty-two, or a member with thirty years credited service who has attained the age of fifty-five, shall become eligible to receive a retirement allowance a…

§88-282 Service retirement allowance. Upon retirement from service, a member shall receive a retirement allowance as follows:

§88-283 Election of retirement allowance option. (a) Upon retirement, any member may elect to receive the maximum retirement allowance to which the member is entitled, computed in accordance with section 88-282, 88-284, or 88-285, and, if the member elects to receive the maximum …

§88-285 Service-connected disability retirement. A member who would be eligible to receive a service-connected disability retirement allowance pursuant to section 88-79 shall receive a maximum retirement allowance of thirty-five per cent of the member's average final compensation…

§88-286 Death benefit. (a) The surviving spouse or reciprocal beneficiary and children under the age of eighteen of a member at the time of the member's death shall be eligible for a death benefit if the member suffers either: (b) In the case of ordinary death, the death benefit …

§88-29 Officers, employees, legal adviser. The board shall elect from its membership a chairperson, and by a majority vote of all its members, shall appoint an executive director and a chief investment officer who shall be exempt from chapter 76 and serve under and at the pleasur…

§88-3 Payment on death of pensioner. Whenever any person receiving a pension from the State or from any county thereof dies, the amount next payable shall be prorated from the last payment date up to and including the date of death, and the prorated amount shall be paid to the pe…

§88-30 Actuary. The actuary shall be the technical adviser of the board of trustees on the matters regarding the operation of the funds of the system and shall perform such other duties as are required in connection therewith. [L 1925, c 55, §5(13); RL 1935, pt of §7924; RL 1945,…

[PART VIII.] RETIREMENT FOR CLASS H PUBLIC OFFICERS AND EMPLOYEES A. Applicability of Part II §88-301 Applicability. The following provisions of part II of this chapter shall apply to this part:

B. Definitions §88-311 Definitions. The following words and phrases as used in this part shall have the following meanings, unless a different meaning is plainly required by the context: "Actuarial cost" means the actuarial present value, at the date of valuation, of the increase…

§88-32 REPEALED. L 1982, c 165, §2(3).

C. Membership, Credited Service §88-321 Election and membership. (a) Any member, except for a member described in subsection (c), who is in service on June 30, 2006, may elect to become a class H member effective July 1, 2006, by filing an election form with the system in accorda…

§88-322 Conversion of previous credited service. (a) Class C members who are in service on June 30, 2006, and make the election to become class H members pursuant to section 88-321(a), shall have the option to convert some or all of their class C credited service, as of June 30, …

§88-324 Acquisition of membership service. (a) Under rules as the board may adopt, any class H member may file with the system a statement of all service as an employee or other service paid for by the State or a county rendered prior to the member last becoming a member that is …

§88-325 Employee contributions. (a) Each class H member, who became a member before July 1, 2012, shall contribute six per cent of the member's compensation to the annuity savings fund; provided that each sewer worker, water safety officer, and emergency medical technician who be…

§88-33 Prohibited interest of trustees and employees of board. Except as herein provided, no trustee and no employee of the board of trustees shall have any direct interest in the gains or profits of any investment made by the board, nor as such receive any pay or emolument for t…

D. Eligibility; Benefits §88-331 Service retirement. (a) A class H member who: shall become eligible to receive a retirement allowance after the member has terminated service. (b) A class H member who became a member before July 1, 2012, and has at least twenty-five years of cred…

§88-332 Service retirement allowance. (a) Upon retirement from service, a class H member who became a member before July 1, 2012, shall receive a maximum retirement allowance as follows: (b) Upon retirement from service, a class H member who becomes a member after June 30, 2012, …

§88-333 Election of retirement allowance option. (a) Upon retirement: To receive benefits, the beneficiary shall have been designated by the member in the form and manner prescribed by the board. (b) If a class H member dies after the date of the filing of the member's written ap…

§88-335 Ordinary disability retirement allowance. (a) Upon retirement for ordinary disability, a class H member who became a member before July 1, 2012, shall receive a maximum retirement allowance equal to the higher of either: (b) Upon retirement for ordinary disability, a clas…

§88-336 Service-connected disability retirement. (a) Under rules the board of trustees may adopt, upon application of a class H member, or the person appointed by the family court as guardian of an incapacitated member, any class H member, employed in a position in which all cont…

§88-338 Ordinary death benefit. (a) Upon receipt by the system of proper proof of a class H member's death occurring in service or while on authorized leave without pay and if no pension is payable under section 88-339, there shall be paid to the member's designated beneficiary a…

§88-339 Accidental service-connected death benefit. (a) Under rules the board of trustees may adopt, in the case of an accidental death as determined by the system pursuant to section 88-85.5, there shall be paid to the member's designated beneficiary or to the member's estate th…

§88-341 Rights of members separated from service. (a) Any class H member who ceases to be an employee and who became a member before July 1, 2012, and has fewer than five years of credited service, excluding unused sick leave, or who becomes a member after June 30, 2012, and has …

§88-342 Return to service of a former member without vested benefit status. (a) When a former class H member who does not have vested benefit status returns to service, the former member shall become a member in the same manner and under the same conditions as anyone first enteri…

§88-344 Return to service of a retirant. (a) Any retirant who retired under the provisions of this part and returns to service requiring active membership in the system as a class H member shall be reenrolled as an active member, and the retirant's retirement allowance shall be s…

§88-4 Medical aid, etc., when free. Every recipient of any retirement allowance or pension payable by the State or by any county or by any other governmental body or agency created by or under the laws of the State who is actually and solely dependent upon the recipient's retirem…

B. Membership; Service §88-41 Limitation of other statutes. No other provision in any other statute which provides wholly or partly at the expense of the State or any county for pensions or retirement benefits for employees of the State or of any county, their surviving spouses o…

§88-42 Membership generally. Except as otherwise provided in this part, all employees of the Territory or any county on July 1, 1945, shall be members of the system on that date, and all persons who thereafter enter or reenter the service of the State or any county shall become m…

§88-42.5 Membership of employees holding more than one position, appointment, or office. (a) The membership of any employee holding more than one full-time position, appointment, office, or any combination thereof shall be limited to the position, appointment, or office of the em…

§88-44 Enrollment. Upon entering or reentering service, an employee shall file with the board such information as the board of trustees may require for enrollment and administrative purposes including a designation of a person or persons to receive any benefit that may be payable…

§88-45.5 Acceptance of rollovers and transfers from other plans. The system may accept an eligible rollover distribution or a direct transfer of funds from: in payment of all or a portion of any deposit a member is permitted to make with the system for credit for service, includi…

§88-46 Deducting employee contributions from salary and employer pick up of employee contributions. (a) The head of each state department and the finance director of each county shall deduct from the compensation of each class A or class B member on each and every payroll under t…