38-750

38-750. Transfers out of the system

A. If an employee has made an irrevocable election pursuant to section
38-747, subsection B or D and transfers participation to another defined benefit
retirement system or plan of this state without a termination of employment, within
ninety days after the date of the transfer, ASRS shall transfer to the subsequent defined
benefit retirement system or plan the amount the employee paid for the purchase of the
credited service plus interest as determined by ASRS.

B. If the assets transferred from ASRS are less than the cost of the benefits
accrued relative to the credited service as calculated pursuant to section 38-922,
subsection B, paragraph 2, and unless a law otherwise provides, the employee shall elect
either to pay the difference to the subsequent defined benefit retirement system or plan
or accept a reduced amount of service credits. If the employee elects to pay the
difference, the amount paid shall be added to the employee's accumulated contribution
account balance. If the employee elects to accept a reduced amount of service credits,
the amount of service credits granted shall be equal to the amount of service credits
purchased multiplied by the ratio of the amount of assets transferred to the amount
calculated pursuant to section 38-922, subsection B, paragraph 2.

C. The transferred employee and the employer shall complete the terms of the
irrevocable election by making payments to ASRS.

D. If the employee is given an election to transfer to another defined benefit
retirement system or plan of this state or to remain with the employee's current
retirement system, on termination of employment the employee shall elect to have ASRS:

1. Promptly transfer to the subsequent defined benefit retirement system or plan
the amount paid by the employee for the purchase of credited service plus interest as
determined by ASRS. If an unfunded liability is created, subsection B of this section
applies. If the employee fails to elect to have the assets transferred within thirty days
after termination of employment, the employee is deemed to have made an election as
prescribed in paragraph 2.

2. On written request by the employee, promptly return to the employee the amount
paid by the employee for the purchase of credited service plus interest as determined by
ASRS. If no application is received by ASRS within sixty days after termination of
employment, ASRS shall issue the payment directly to the employee.

E. If the employee is not given an election to transfer to another defined benefit
retirement system or plan of this state or to remain with the employee's current
retirement system, after termination of employment the employee may elect, within thirty
days of termination of employment to have ASRS promptly transfer to the subsequent
defined benefit retirement system or plan the amount paid by the employee for the
purchase of credited service plus interest as determined by ASRS. If an unfunded
liability is created, subsection B of this section applies. If the employee fails to
make the election under this subsection, ASRS shall deem the employee as an inactive
member of ASRS.

F. If an employee is given an election to transfer to another defined benefit
retirement system or plan of this state or to remain with the employee's current
retirement system and the employee is receiving a benefit pursuant to this article based
on the employee's own service or article 2.1 of this chapter, the employee is eligible to
transfer to the retirement system or plan, but the election to transfer terminates the
benefit from ASRS on the effective date of the transfer.

G. If an employee is not given an election to transfer to another defined benefit
retirement system or plan of this state or to remain with the employee's current
retirement system and the employee is receiving a benefit pursuant to this article based
on the employee's own service or article 2.1 of this chapter, the employee is not
eligible to transfer to another retirement system or plan.