§18-7B-7a. Plan Closed to Persons Employed for the First Time After June, 2005; Former Employees
The retirement system created and established in this article shall be closed and no new members accepted in the system after June 30, 2005. Notwithstanding the provisions of sections seven and eight of this article, all persons who are regularly employed for full-time service as a member or an employee whose initial employment commences after […]
§18-7B-8. Voluntary Participation in System; Expiration of Right to Elect Membership in Defined Contribution System
(1) Any employee who is a member of the existing retirement system may, upon written election, voluntarily elect membership in the Teachers' Defined Contribution Retirement System, on a prospective basis, on or after July 1, 1991. All benefits earned by any employee making a voluntary election under the existing retirement system prior to the voluntary […]
§18-7B-1. Short Title
This article shall be known and may be cited as the "Teacher's Retirement Reform Act".
§18-7B-2. Definitions
As used in this article, unless the context clearly requires a different meaning: “Annual addition” means, for purposes of the limitations under section 415(c) of the Internal Revenue Code, the sum credited to a members account for any limitation year of: (A) Employer contributions; (B) employee contributions; and (C) forfeitures. Repayment of cash-outs or contributions […]
§18-7B-3. Defined Contribution Retirement System Created and Established; Body Corporate
The teachers' defined contribution retirement system is hereby created and established to provide for the secure, fair and orderly retirement of the teachers and related personnel of the state. The defined contribution retirement system shall constitute a body corporate and all business of the system shall be transacted in the name of the teachers' defined […]
§18-7B-4. Article to Be Liberally Construed; Purpose; Federal Qualification Requirements
The provisions of this article shall be liberally construed so as to provide a general annuity based retirement system for teachers in this state. The purpose of this article is to provide a defined contribution retirement program which is fully funded on a current basis from employer and employee contribution. The retirement system is intended […]