19-21-214. Contributions and allocations for employees in positions covered under public employees' retirement system.

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19-21-214 . Contributions and allocations for employees in positions covered under public employees' retirement system.

(1)The contribution rates for employees in positions covered under the public employees' retirement system who elect to become program members pursuant to 19-3-2112 are as follows:

(a)the member's contribution rate must be the rate provided in 19-3-315 ; and

(b)the employer's contribution rate must be the rate provided in 19-3-316 .

(2)Subject to subsections

(3)and (4), of the employer's contribution received under 19-3-316 :

(a)an amount equal to:

(i)4.49% of compensation must be allocated to the participant's program account;

(ii)2.37% of compensation must be allocated to the defined benefit plan under the public employees' retirement system as the plan choice rate; and

(iii)0.04% of compensation must be allocated to the education fund pursuant to 19-3-112 (1)(b);

(b)on July 1, 2009, continuing until the additional employer contributions terminate pursuant to 19-3-316 (4)(b), an amount equal to 0.27% of compensation must be allocated to the defined benefit plan to eliminate the plan choice rate unfunded actuarial liability;

(c)on July 1, 2013, and continuing until June 30, 2015, an amount equal to 1% of compensation must be allocated to the defined benefit plan unfunded liabilities; and

(d)on July 1, 2015, and continuing until the plan choice rate unfunded actuarial liability in the defined benefit plan is fully paid, an amount equal to 1% of compensation must be allocated to the defined benefit plan as part of the plan choice rate. Effective the first full pay period in the month following the board's verification that the plan choice rate unfunded actuarial liability is paid off, the amount equal to 1% of compensation must be allocated to the member's retirement account until the additional employer contributions terminate pursuant to 19-3-316 (4)(b).

(3)The percentage of compensation amount to be allocated under subsection (2)(b) must be increased by 0.1% each fiscal year through fiscal year 2024. For fiscal years beginning after June 30, 2024, the percentage of compensation amount to be allocated under subsection (2)(b) must be 1.27%.

(4)Effective the first full pay period in the month following the board's verification that the plan choice rate unfunded actuarial liability is paid off, amounts equal to the 2.37% of compensation in subsection (2)(a)(ii) and the percentage of compensation in subsection (2)(b), if any, must be allocated to the member's retirement account.