§ 31-31-402. Employer and Member Contributions
Every member covered under the statewide defined benefit plan established by this part 4 shall pay into the defined benefit system trust fund eight percent of salary paid or such higher member contribution rate established pursuant to section 31-31-408 (1.5)(a) or (1.6)(a). The member contribution rate shall increase by four percent to be implemented through […]
§ 31-31-403. Normal Retirement – Statewide Defined Benefit Plan
Any member covered by the statewide defined benefit plan who has completed at least twenty-five years of active service and has attained the age of fifty-five years shall be eligible for a normal retirement pension subject to adjustment pursuant to subsection (1)(b) of this section. The annual normal retirement pension shall be two percent of […]
§ 31-31-404. Return or Transfer of Contributions – Vested Retirement
Any member covered by the statewide defined benefit plan established by this part 4 and terminating service may elect to have the member’s accumulated contributions refunded in a lump sum and shall sign a statement to be filed with the member’s employer evidencing such election and acknowledging that the member has no right to benefits […]
§ 31-31-405. Stabilization Reserve Account and Separate Retirement Account – Creation – Allocation
Within the new hire benefits account, created pursuant to section 31-31-402 (5), there shall be established two subaccounts: An actuarial account, into which that portion of the new hire benefits account necessary to fund benefit liabilities accrued under sections 31-31-403 and 31-31-404 (2), as determined by the 1987 actuarial study, shall be deposited; A stabilization […]
§ 31-30.5-802. Exempt Money Purchase Plan Option
Any employer that has not elected to affiliate with the fire and police pension association relating to an old hire plan established pursuant to this article may offer to the active old hire members of such plan the option of converting to a money purchase plan. Such option shall be available on an individual basis […]
§ 31-31-406. Separate Retirement Accounts – Administration
Any member having a separate retirement account who terminates service and at the time of termination has less than five years of credited service or who terminates service and at the time of termination has more than five years of credited service but elects a refund of contributions as provided under section 31-31-404 (1)(a) shall […]
§ 31-30.5-403. Employers Under One Hundred Thousand – Limit of Contributions to Old Hire Firefighter Pension Plans
There may be levied and set apart by the governing body of each municipality having a population of less than one hundred thousand, by the board of directors of each fire protection district, or by the board of a county improvement district, a tax for the year 1969 and each year thereafter of not more […]
§ 31-30.5-404. Plans Affiliated With the Fire and Police Pension Association
Notwithstanding any provision of this part 4 to the contrary, an employer that affiliates its old hire police officers’ or firefighters’ pension fund with the fire and police pension association pursuant to section 31-31-701 and that is not receiving state contributions under part 3 of this article shall annually contribute an amount approved by the […]
§ 31-30.5-501. Old Hire Pension Fund – Investments
It is lawful for the board of trustees of the old hire firefighters’ pension fund and the board of trustees of the old hire police officers’ pension fund in any municipality or district in this state to invest such respective pension funds, or any part thereof, in the name of the treasurer of such municipality […]
§ 31-30.5-502. Insurance – Investment by Banks and Trust Companies
Notwithstanding any restrictions on investments of old hire police officers’ or firefighters’ pension funds contained in any laws of this state, it is lawful for the board of trustees of any such pension fund, with the consent in writing of a majority of the active old hire members of the police department or fire department […]