19-6-1005. Retirement system contributions -- benefit payments to individual DROP accounts -- investment returns.
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19-6-1005 . Retirement system contributions -- benefit payments to individual DROP accounts -- investment returns.
(a)During a participant's DROP period, state contributions under 19-6-410 and employer contributions under 19-6-404 must continue to be made to the retirement system.
(b)Member contributions under 19-6-402 must be made to the member's DROP account.
(2)Each month during the DROP period, in addition to the contributions credited under subsection (1)(b), a participant's DROP account must be credited with the monthly benefit that would have been payable to the participant had the participant terminated employment and retired at the commencement of the DROP period, excluding any postretirement benefit adjustments that would have been applied to the benefit under part 7 of this chapter.
(3)Each fiscal yearend a participant's DROP account must be credited with the interest earned that year based on the actuarially assumed rate of return. Proportionate interest must be credited for distributions taking place at other than a fiscal yearend.