The general assembly finds and declares that the purpose of the defined contribution plan established in this part 15 is to provide eligible employees who participate in the defined contribution plan with a path toward having a secure retirement through a focus on lifetime retirement income to maintain an eligible employee’s standard of living following […]
The board is hereby authorized to establish and administer a defined contribution plan for eligible employees as provided in this part 15. The board shall establish the terms and conditions of the association’s defined contribution plan offered to eligible employees. The assets of the plan shall be held in a separate trust fund of the […]
Any eligible employee pursuant to paragraph (a) of subsection (2) of this section shall elect, within sixty days of commencing employment, either to become a member of the association’s defined benefit plan or the association’s defined contribution plan. If an employee does not make such election within the sixty-day period, the employee shall become a […]
An eligible employee shall be covered by the association’s defined benefit plan with contributions and benefits as specified in parts 4 to 12 of this article, unless the member elects to participate in the association’s defined contribution plan in accordance with this part 15 in lieu of the defined benefit plan within sixty days of […]
The plan shall allow a member of the defined contribution plan to exercise control of the investment of the member’s account under the plan, subject to the following provisions: The board shall select at least five investment alternatives that allow a member a meaningful choice between risk and return in the investment of the member’s […]
Contribution rates by the employer and by members of the defined contribution plan established pursuant to this part 15 shall be the same as the rates that would be payable by the employer and the member pursuant to section 24-51-401. The individual’s participant account shall receive the full member contribution amount in effect under section […]
An eligible employee who is a member of the association’s defined contribution plan, except for individuals who became members of the association’s defined contribution plan pursuant to section 24-51-1501 (2) or 24-51-1503 (3), may elect, at any time during the second to fifth year of membership in the plan, to terminate membership in the plan […]
Effective July 1, 2009, any employee who became eligible to participate in the state defined contribution plan before January 1, 2006, who was a member or inactive member of the association may, as long as the employee is employed in a position with an employer for which the association’s defined contribution plan is available, make […]
The defined contribution plan may accept a direct rollover or a member rollover into the member’s defined contribution plan account, to the extent permitted by federal law and authorized by the defined contribution plan. Source: L. 2004: Entire part added, p. 1950, § 23, effective January 1, 2006.
The defined contribution plan shall include options for the distribution of the defined contribution account, including payment in a lump sum and payment as a lifetime annuity. The state and other employers shall not have liability for any of the payments. Source: L. 2004: Entire part added, p. 1950, § 23, effective January 1, 2006.
A defined contribution plan member shall not be considered a member or a retiree for the purpose of parts 4 to 12 of this article, nor shall his or her survivors or beneficiaries be considered benefit recipients. A defined contribution plan member may participate in optional life insurance, long-term care insurance, the voluntary investment program, […]
On a quarterly basis, the board shall report to members who participate in the defined contribution plan. The report shall include a statement of account balances, a review of account transactions, and the amount of administrative fees charged to the members during the quarter. Source: L. 2004: Entire part added, p. 1951, § 23, effective […]
Administrative actions or civil actions brought by employees to dispute the election for participation or failure to elect participation in the association’s defined benefit plan, the association’s defined contribution plan, or the defined contribution plan established pursuant to part 2 of article 52 of this title, as said article existed prior to its repeal in […]
