38-854. Guarantees from prior systems
A. An employee covered under the prior systems set forth in sections 9-912 to
9-934, inclusive, and in sections 9-951 to 9-971, inclusive, or prior statutes amended
thereby and antecedent thereto, and covered under such prior systems on June 30, 1968,
and who becomes a member of this system shall nevertheless retain the right to elect,
prior to retirement, benefits under this system or to elect benefits under the employee's
prior system for which the employee's service and age make the employee eligible,
provided that an employee shall elect in writing at the time benefits are claimed the
system under which the employee elects to have the employee's eligibility for benefits
and the amount thereof determined. Such election shall be irrevocable on retirement and
shall be filed with the employee's local board.
B. An employee of the state highway patrol who was a member of the state highway
patrol retirement system on June 30, 1968 and who became a member on July 1, 1968 and who
qualifies for a pension under the system, shall have the employee's pension determined in
an actuarial equivalent form of payment such that the system's benefits shall not be less
than the amount payable during this period under the preexisting system. Any such
employee shall nevertheless retain rights to elect to receive any benefit for which the
employee's service and age make the employee eligible, including but not limited to the
following:
1. The employee shall be entitled to a pension if the employee's employment
terminates after attainment of age sixty and completion of at least twenty years of
service in an amount equal to fifty per cent of the employee's average monthly
compensation.
2. The employee shall be entitled to a separation benefit in the form of a deferred
vested pension if the employee's employment terminates after completion of at least
twenty years of service, provided that the employee leaves the employee's accumulated
contributions on deposit with the fund.
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