Title 7, Public Officers And Employees

§88-22 System established; name. There shall be a retirement system for the purpose of providing retirement allowances and other benefits for employees. It shall have the powers and privileges of a corporation and shall be known as the "Employees' Retirement System of the State o…

§88-22.5 Federal tax qualification requirements. (a) The system shall be administered in accordance with the requirements of section 401(a)(1), (2), (8), (9), (25), (31), and (37) of the Internal Revenue Code of 1986, as amended. Without limiting the generality of the foregoing a…

§88-220 Refusal or termination of plans. The state agency shall not finally refuse to approve a plan submitted by a political subdivision under section 88-218, and shall not terminate an approved plan, without reasonable notice and opportunity for hearing to the political subdivi…

§88-221 Payments by political subdivisions. Each political subdivision whose plan has been approved under section 88-218 shall pay to the contribution fund, with respect to wages (as defined in section 88-211), at such time or times as the state agency may by regulation prescribe…

§88-222 Contributions by employees of political subdivisions. Each political subdivision required to make payments under section 88-221, may, in consideration of the employee's retention in, or entry upon, employment after June 10, 1953, impose upon each of its employees, as to s…

§88-223 Delinquent payments. Delinquent payments due under section 88-221 may, with interest at the rate of six per cent a year, be recovered by action in the circuit court against the political subdivision liable therefor or may, at the request of the state agency, be deducted f…

§88-224 Contribution fund; established. There is established a special fund to be known as the contribution fund. The fund shall consist of and there shall be deposited in such fund: All moneys in the fund shall be mingled and undivided. Subject to the provisions of this part, th…

§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…

[§88-27.5] Closed meetings of the board; authorized. (a) The board may hold a meeting closed to the public in accordance with the procedures for holding an executive session meeting pursuant to section 92-4 for the following purposes: (b) The purposes for which the board may hold…

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 …

§88-284 Ordinary disability retirement. (a) Under rules the board of trustees may adopt, upon application of a member in service or on leave without pay, or the person appointed by the family court as guardian of an incapacitated member, any member who has ten or more years of cr…

§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…

[§88-29.5] Investment personnel. The board may, through its executive director, appoint one or more investment officers, under the direction of the chief investment officer, prescribing their duties and qualifications and fixing their salaries, who shall be exempt from chapter 76…

§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:

§88‑31 Medical board. The board shall designate a medical board to be composed of three physicians not eligible to participate in the system. If required, other physicians may be employed to report on special cases. The medical board shall arrange for and pass upon all medical ex…

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…

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, …

[§88-323] Class H credited service. Class H credited service includes:

§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…

[§88-326] 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 H member on each and every payroll under their res…

§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…