19-20-603. Withdrawal from membership -- refund of accumulated contributions -- options.
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/mt/title-19/chapter-20/part-6/19-20-603·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
19-20-603 . Withdrawal from membership -- refund of accumulated contributions -- options.
(a)An inactive member may apply at any time to withdraw from membership in the retirement system and receive a refund of the member's accumulated contributions.
(b)An active member may apply to withdraw from membership in the retirement system and receive a refund of the member's accumulated contributions no sooner than 30 days before the date of the member's termination from employment in all positions reportable to the retirement system.
(c)The application must be made on a form or in a manner prescribed by the retirement system and is not complete until all required supporting documentation is provided. The application is void if the documentation is not provided within 60 days after the application date.
(2)The retirement system shall refund a withdrawing member's accumulated contributions after the latest of the following dates:
(a)the last day of the month in which the member terminated employment in all positions reportable to the retirement system;
(b)the last day of the last month for which the employer reported to the retirement system compensation paid to the member; or
(c)the date that the member's application to withdraw is complete.
(3)A member's withdrawal and refund under this section:
(a)is irrevocable after the refund has been processed by the retirement system;
(b)constitutes forfeiture of the member's creditable service and any right to a benefit pursuant to that service;
(c)terminates the member's membership in the retirement system; and
(d)terminates a withdrawn tier one member's status as a tier one member.
(4)An individual who has withdrawn and later returns to employment in a position reportable to the retirement system may purchase the forfeited creditable service as provided in 19-20-427 . However, a tier one member who withdraws and returns to employment in a position reportable to the retirement system must return as a tier two member even if the member purchases the forfeited creditable service.
(5)The withdrawal application of a member is void if the member is reported to the retirement system for current employment in a position reportable to the retirement system before the refund is processed.