§18-7B-1. Short Title
This article shall be known and may be cited as the "Teacher's Retirement Reform Act".
§18-7B-10. Employer Contributions
Each participating employer shall annually make a contribution equal to seven and one-half percent of each member's gross compensation. The pro rata share of this amount shall be paid upon each date that a member contribution is made and shall be remitted as provided for in section nine of this article for credit to the […]
§18-7B-11. Termination of Membership
(a) Any member whose employment with a participating employer terminates after the completion of six complete years of employment service is eligible to terminate his or her annuity account and receive a distribution from the member's annuity account, in an amount equal to the member's contribution plus one third of the employer contributions and any […]
§18-7B-11a. Rollovers and Transfers to Repay Cashed-Out or Withdrawn Contributions
(a) This section applies to rollovers and transfers as specified in this section made on or after January 1, 2002. Notwithstanding any provision of this article to the contrary that would otherwise prohibit or limit rollovers and plan transfers to this system, the defined contribution system shall accept the following rollovers and plan transfers on […]
§18-7B-12. Retirement, Commencement of Annuity Payments, Payments Under a Qualified Domestic Relations Order
(a) Subject to the provisions of section twelve-a of this article, an employee attaining fifty-five years of age, may elect to take retirement by notifying the board or its designee in writing of his or her intention to retire. The notice of retirement must be received by the board or its designee no fewer than […]
§18-7B-12a. Federal Minimum Required Distributions
The requirements of this section apply to any distribution of a members or beneficiarys interest and take precedence over any inconsistent provisions of this defined contribution system. This section applies to plan years beginning after December 31, 1986. Notwithstanding anything in this system to the contrary, the payment of benefits under this article shall be […]
§18-7B-13. Amount of Annuity Payments; Federal Law Maximum Benefit
limitations. (a) The amount of annuity payments a retired member shall receive shall be based solely upon the balance in the member's annuity account at the date of retirement, the retirement option selected, or in the event of an annuity option being selected, the actuarial life expectancy of the member and such other factors as […]
§18-7B-13b. Direct Rollovers
(a) Except where otherwise stated, this section applies to distributions made on or after January 1, 1993. Notwithstanding any provision of this article to the contrary that would otherwise limit a distributee's election under this system, a distributee may elect, at the time and in the manner prescribed by the board, to have any portion […]
§18-7B-14. Supplemental Annuity Contracts
The board shall authorize the private pension, insurance, annuity, mutual fund or other qualified company or companies with whom it contracts to make available to members such supplemental annuity options, disability and other insurance or benefits as the board deems appropriate: Provided, That such supplemental annuities, insurance and benefits shall be funded solely from employee […]
§18-7B-15. Account Statements
The board shall prepare or cause to be prepared, on an annual basis, an account statement for each members' annuity account. The statement shall include, but not be limited to, a statement of the current market value of the members' account. The board shall prescribe the form and content of the account statement not inconsistent […]
§18-7B-16. Years of Employment Service
(a) A member of the Defined Contribution System who terminates employment with a participating employer and does not remove any funds from his or her vested employee and employer account, or who removes the funds and repays them within five years after termination, and becomes reemployed with a participating employer within five years does not […]
§18-7B-17. Deposits to the Members' Annuity Accounts
Beginning on July 1, 1991 and thereafter, each county board of education shall deposit in the member's annuity account created pursuant to section nine of this article an amount equal to seven and one-half percent of all compensation paid to members of the defined contribution system in excess of that authorized for minimum salaries in […]
§18-7B-18. Right to Benefits Not Subject to Execution, etc.; Exception for Qualified Domestic Relations Orders
The right of any person to a benefit provided for in this article shall not be subjected to execution, attachment, garnishment, the operation of bankruptcy or insolvency laws, or other process whatsoever with the exception that the benefits or contributions under this system shall be subject to "qualified domestic relations orders" as that term is […]
§18-7B-19. Benefits Not Forfeited if System Terminates
If the retirement system is terminated or contributions are completely discontinued, the rights of all members to contributions made to the date of such termination or discontinuance, to the extent then funded, are not forfeited.
§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-20. Prohibition of Involuntary Cash-Outs
Notwithstanding any provision of this section or of any legislative rule contained in series three, involuntary cash-outs to members may not be made after June 30, 2005.
§18-7B-21. Correction of Errors; Underpayments; Overpayments
(a) General rule. Upon learning of any errors, the board shall correct errors in the retirement system in a timely manner whether the individual, entity or board was at fault for the error with the intent of placing the affected individual, entity and retirement board in the position each would have been in had the […]
§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 […]
§18-7B-5. Administration of the Teachers' Defined Contribution Retirement System
The Consolidated Public Retirement Board created pursuant to article ten-d, chapter five of this code shall administer the teachers' defined contribution retirement system. The board may sue and be sued, contract and be contracted with and conduct all the business of the defined contribution system in the name of the teachers' defined contribution retirement system.