49-22-201 - System membership -- Eligibility.
49-22-201. System membership -- Eligibility.
(1) Beginning July 1, 2011, a participating employer shall participate in this system.
(2) (a) A person entering regular full-time employment with a participating employer onor after July 1, 2011, is eligible:
(i) as a member for service credit and defined contributions under the Tier II hybridretirement system established by Part 3, Tier II Hybrid Retirement System; or
(ii) as a participant for defined contributions under the Tier II defined contribution planestablished by Part 4, Tier II Defined Contribution Plan.
(b) A person entering regular full-time employment with a participating employer on orafter July 1, 2011, shall:
(i) make an election to participate in the system created under this chapter within 30 daysfrom the date of employment:
(A) as a member for service credit and defined contributions under the Tier II hybridretirement system established by Part 3, Tier II Hybrid Retirement System; or
(B) as a participant for defined contributions under the Tier II defined contribution planestablished by Part 4, Tier II Defined Contribution Plan; and
(ii) submit to the office notification of the member's election under Subsection (2)(b)(i)in a manner approved by the office.
(c) An election made by a person entering regular full-time employment with aparticipating employer under this Subsection (2) is irrevocable.
(d) If no election is made under Subsection (2)(b)(i), the person shall become a membereligible for service credit and defined contributions under the Tier II hybrid retirement systemestablished by Part 3, Tier II Hybrid Retirement System.
(3) Notwithstanding the provisions of this section, a governor or legislator initiallyentering office on or after July 1, 2011:
(a) is only eligible to participate in the Tier II defined contribution plan established underChapter 22, Part 4, Tier II Defined Contribution Plan; and
(b) is not eligible to participate in the Tier II hybrid retirement system established underChapter 22, Part 3, Tier II Hybrid Retirement System.
Enacted by Chapter 266, 2010 General Session