38-730. Charter city or ASRS retirement service
credits; transfers


A. On application the retirement service credits of an employee of a charter city
that is not an employer under ASRS or an employee of an employer that is an employer
under ASRS whose job functions are shifted by law from one employer jurisdiction to
another shall be transferred to the retirement system of the new employer.


B. An employee of a charter city that is not an employer under ASRS or an employee
of an employer that is an employer under ASRS who becomes employed by the other employer
jurisdiction may apply to have the employee's retirement service credits transferred to
the retirement system of the new employer. The retirement service credits of an employee
of a charter city that is not an employer under ASRS shall not be transferred unless the
governing body of that city approves the transfer. The retirement service credits of an
employee of an employer that is an employer under ASRS shall not be transferred unless
the board approves the transfer.


C. The retirement system that transfers the retirement service credits shall pay to
the retirement system of the new employer an amount equal to the present value, as of the
date of the transfer, of all benefits generated by the transferred service credits in the
retirement system of the new employer as determined by the governing board of the
retirement system of the new employer. The amount of any payment under this subsection
shall include the accumulated retirement contributions of the employee whose retirement
service credits are transferred.


D. The accumulated retirement contributions of an employee whose retirement service
credits are transferred that are paid to the retirement system of the new employer shall
not be withdrawn by the employee unless the employee's employment terminates.


E. The retirement system to which the employee is transferring shall not apply
service credits to the employee's account until such time as complete payment is made to
the retirement system to which the employee is transferring. On completion of the
transfer provided for in this section, the employee's rights in the retirement system
from which the employee is transferring are extinguished.