38-801. Definitions In this article, unless the context otherwise requires: 1. " Accumulated contributions" means the sum of all member contributions deducted from the member’s salary pursuant to section 38-810, subsection A plus the amount transferred to the fund on behalf of the member plus the amount deposited in the fund pursuant to section 38-816. […]
38-802. Elected officials’ retirement plan and fund; administration A. The elected officials’ retirement plan is established. B. The elected officials’ retirement plan fund is established. The fund shall be made up of the assets of the judges’ retirement plan and the elected officials’ retirement plan terminated on August 7, 1985 plus the assets generated by […]
38-802.01. Employer responsibilities under the system An employer shall submit any reports, data, paperwork or other materials that are requested by the board of trustees for any reason, including eligibility determinations and proper administration of the plan.
38-803. Powers and duties of the board; reporting requirements A. The board, in the administration, management and operation of the plan and fund, shall: 1. Account for the operation, administration and investment expenses and allocate them against investment income. 2. Contract on a fee basis with an actuary to make an actuarial valuation of the […]
38-803.01. Qualified governmental excess benefit arrangement; definitions A. The board may establish a qualified governmental excess benefit arrangement for the sole purpose of enabling the board to continue to apply the same formula for determining benefits payable to all employees covered by the plan whose benefits under the plan are limited by section 415 of […]
38-804. Membership; termination; credited service; redemption; reemployment A. Except as otherwise provided in this section, all elected officials are members of the plan, except that a state elected official who is subject to term limits may elect not to participate in the plan. The state elected official who is subject to term limits shall make […]
38-804.01. Reinstatement of credited service; effect of prior law An elected official who received a refund as provided in section 38-804, who is subsequently reemployed as an elected official and who may have redeposited the amount withdrawn with interest as provided in section 38-804 or an elected official who redeems prior service pursuant to statute […]
38-805. Normal retirement and early retirement pensions A. A member who becomes a member of the plan before January 1, 2012 and who ceases to hold office is eligible for a normal retirement pension, if the member satisfies one of the following requirements: 1. Has attained age sixty-five with five or more years of credited […]
38-805.01. Resignation; time frame; normal retirement pension; reemployment; employer contributions A. Notwithstanding any age and service requirement specified in section 38-805, an elected official who is a member of the elected officials’ retirement plan and who gives an irrevocable notice of resignation on or before July 29, 2022 with a date of resignation and retirement […]
38-806. Disability retirement pensions A. A member who becomes permanently mentally or physically incapacitated for the purpose of performing the duties of the member’s office may receive disability retirement benefits if the board of trustees finds that all of the following apply: 1. The member submits either personally or by a guardian an affidavit as […]
38-807. Survivor pensions A. The surviving spouse of a deceased retired member shall be paid a surviving spouse’s pension if the spouse was married to the member for a period of at least two consecutive years at the time of the member’s death. Payment of a surviving spouse’s pension commences as of the last day […]
38-808. Pension payments; computation of amounts; termination A. Plan retirement commences on the first day of the month following the date of the member’s retirement or death. Pension payments shall be received on or about the first day of the month next following the member’s plan retirement. The last pension payment shall be made as […]
38-809. Correction of pension payment errors; assignments prohibited; civil liability; restitution or payment of fine; violation; classification; offset of benefits A. If the plan has made pension payments based on incorrect information and a person or an estate has been paid more or less than the person or estate should have been paid, the board […]
38-810. Contributions; appropriations A. Each member shall contribute to the fund an amount equal to the amount prescribed in subsection G of this section. Contributions of members shall be made by payroll deductions. Every member is deemed to consent to these deductions. Payment of a member’s compensation, less these payroll deductions, constitutes a full and […]
38-810.01. Internal revenue code qualification The legislature intends that the plan is a qualified pension plan under section 401 of the internal revenue code, as amended, or successor provisions of law, and that the trust is exempt from taxation under section 501 of the internal revenue code, as amended. The assets of the fund are […]
38-810.02. Statutory construction A. Because the plan as enacted at a particular time is a unique amalgam of rights and obligations having a critical impact on the actuarial integrity of the plan, the legislature intends that the plan as enacted at a particular time be construed and applied as a coherent whole and without reference […]
38-810.03. Compensation limitation; adjustments A. The annual compensation of each member taken into account for purposes of the plan shall not exceed the following: 1. Beginning January 1, 1996 through December 31, 2001, one hundred fifty thousand dollars. 2. Beginning January 1, 2002, two hundred thousand dollars. B. If compensation under the plan is determined […]
38-810.04. Retired member; return to work; employer contributions A. An employer shall pay contributions at an alternate contribution rate on behalf of a retired member who returns to work in any capacity in a position ordinarily filled by an elected official of the employer. This section applies to a retired member who has been retired […]
38-810.05. Required distributions All distributions required under this article shall be determined and made pursuant to section 401(a)(9) of the internal revenue code and the regulations that are issued under that section by the United States secretary of the treasury.
38-811. Taxation of benefits; exemption of contributions and securities The member and employer contributions and the securities in the fund are exempt from state, county and municipal taxes. Member and employer contributions that are made to and subsequently withdrawn from the fund after December 31, 1974 by a member from the accounts of the plan […]
