38-908. Transfer of credited service
A. A member who terminates employment with an employer and accepts a position with
the same or another employer participating in the plan shall have the member's credited
service transferred to the member's record with the new employer provided the member
leaves the member's accumulated contributions on deposit with the fund. The period not
employed shall not be considered as service or credited service.
B. The new employer's account shall be credited with the member's accumulated
contributions plus the additional amount, if any, necessary to equal the increase in the
actuarial present value to the extent funded on a market value basis as of the most
recent actuarial valuation of projected benefits resulting from the transfer calculated
by the system's actuary using the actuarial methods and assumptions adopted by the board.
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