19-3-2117. Allocation of contributions and forfeitures. (1) The member contributions made under 19-3-315 and additional contributions paid by the member for the purchase of service must be allocated to the plan member's retirement account.
(2) Subject to adjustment by the board as provided in 19-3-2121, of the employer contributions under 19-3-316 received:
(a) an amount equal to:
(i) 4.19% of compensation must be allocated to the member's retirement account;
(ii) 2.37% of compensation must be allocated to the defined benefit plan as the plan choice rate;
(iii) 0.04% of compensation must be allocated to the education fund as provided in 19-3-112(1)(b); and
(iv) 0.3% of compensation must be allocated to the long-term disability plan trust fund established pursuant to 19-3-2141; and
(b) on July 1, 2009, continuing until the additional employer contributions terminate pursuant to 19-3-316, 0.27% of compensation must be allocated in the following order:
(i) to the defined benefit plan to eliminate the plan choice rate unfunded actuarial liability; and
(ii) to the long-term disability plan trust fund to provide disability benefits to eligible members.
(3) Forfeitures of employer contributions and investment income on the employer contributions may not be used to increase a member's retirement account. The board shall allocate the forfeitures under 19-3-2116 to meet the plan's administrative expenses, including startup expenses.
History: En. Sec. 53, Ch. 471, L. 1999; amd. Secs. 5, 14(2)(a), Ch. 423, L. 2001; amd. Sec. 23, Ch. 490, L. 2001; amd. Sec. 51, Ch. 114, L. 2003; amd. Sec. 50, Ch. 429, L. 2003; amd. Sec. 32, Ch. 329, L. 2005; amd. Sec. 4, Ch. 371, L. 2007; amd. Sec. 27, Ch. 99, L. 2011; amd. Sec. 12, Ch. 369, L. 2011.