38-740

38-740. Return of contributions

A. A member whose membership commenced before July 1, 2011 and who leaves
employment other than by retirement or death may elect to receive a return of the
contributions as follows:

1. If the member has less than five years of credited service, the member shall
receive all of the member's contributions.

2. If a member has five or more years of credited service, the member shall receive
the member's contributions and an amount equal to a percentage of the employer
contributions paid on behalf of the member. The percentage of employer contributions
paid on behalf of the member shall be as follows:

(a) 5.0 to 5.9 years of credited service, twenty-five per cent.

(b) 6.0 to 6.9 years of credited service, forty per cent.

(d) 8.0 to 8.9 years of credited service, seventy per cent.

(e) 9.0 to 9.9 years of credited service, eighty-five per cent.

(f) 10.0 or more years of credited service, one hundred per cent.

3. Interest on the returned contributions as determined by the board.

B. A member whose membership commenced on or after July 1, 2011 and who leaves
employment other than by retirement or death may elect to receive a return of all of the
member's contributions with interest as determined by the board.

C. Notwithstanding subsection B, if a member has five or more years of credited
service and the member is terminated solely because of an employer reduction in force by
reason of a lack of monies or elimination of the member's position, the member is
entitled to receive the amounts prescribed in subsection A.

D. Withdrawal of contributions with interest constitutes a withdrawal from
membership in ASRS and results in a forfeiture of all other benefits under ASRS.

E. Notwithstanding any other provision of this article, a member who has not
received a return of contributions pursuant to this section may combine any two or more
periods of service for purposes of determining the member's benefits.

F. If a member receives more than the amount due to a member pursuant to this
section, the member shall repay the amount of the overpayment together with interest at
the interest rate earned on ASRS investments as reported on a quarterly basis, but not
less than the valuation rate established by the board, from the time of overpayment to
the settlement of the debt.