38-815. Joinder agreement
A. Elected officials of an incorporated city or town may participate in the plan if
the governing body of the city or town enters into a joinder agreement with the board on
behalf of its elected officials and the employer unconditionally accepts the provisions
of the plan and binds its elected officials thereto. All elected officials shall be
designated for membership unless written consent to the contrary is obtained from the
board. A member shall be qualified for participation in order to obtain written consent
to the contrary from the board.
B. The effective date of participation shall be specifically stipulated in the
joinder agreement.
C. Any city or town that is considering participation in the plan shall request a
preliminary actuarial survey to determine the estimated cost of participation, the
benefits to be derived and such other information as may be deemed appropriate. The cost
of such survey shall be paid by the city or town requesting it.
D. All assets under any existing public employee defined benefit retirement
program, to the extent attributable to the city's or town's elected officials, shall be
transferred from the program to this fund no later than sixty days after the city's or
town's effective date of participation. That portion of the transferred assets that is
attributable to the elected official's contributions, including interest credits thereon,
shall be properly allocated to each affected elected official of the city or town and
credited to the elected official's accumulated contributions, in accordance with a
schedule furnished by the city or town to the board.
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