49-11-501 - Refunds of member contributions -- Transfers of contributions to defined contribution plan.
49-11-501. Refunds of member contributions -- Transfers of contributions todefined contribution plan.
(1) If a member shall for any cause, except retirement, permanent or temporary disability,or death, terminate employment with a participating employer the member may leave the membercontributions in the fund or may receive a refund of the member contributions as provided underthis section.
(2) A member who applies for a refund of member contributions shall apply in writingon forms provided by the office.
(3) A refund of member contributions may not be made to a member within 60 days fromthe last date of the pay period for which contributions are made by or on behalf of the member.
(4) If the member is reemployed by a participating employer within the time period underSubsection (3), the member is not eligible for a refund.
(5) A member who receives a refund of member contributions forfeits the service creditbased on those contributions.
(6) A member who is exempted from or becomes ineligible for service credit in a systembut who remains employed by a participating employer may request a direct transfer of membercontributions to a qualified plan.
(7) A member who remains employed with an employer which has withdrawn from asystem may request a plan-to-plan transfer of member contributions to a qualified definedcontribution plan administered by the board or a qualified plan offered by the member'semployer.
(8) Refund interest shall be paid on refunds of member contributions under this section.
Amended by Chapter 240, 2003 General Session