A. No retirement, death or other benefit shall be paid by the board from the fund for services credited under the alternative retirement plan. Such benefits are payable to participants or their beneficiaries only by the appropriate alternative retirement plan contractor or carrier in accordance with the terms of the applicable contracts or certificates; provided, however, that retirement benefits shall, at the option of the participant, be paid in the form of a lifetime income, if held in an annuity contract; payments for a term of years; or a single-sum cash payment.
B. Upon termination of employment with a qualifying state educational institution, a participant may transfer or roll over the account balance to another eligible retirement plan or may withdraw the balance as permitted for a plan qualified under Section 401(a) of the Internal Revenue Code of 1986.
History: 1978 Comp., § 22-11-51, enacted by Laws 1991, ch. 118, § 9; 1999, ch. 261, § 4; 2009, ch. 9, § 2.
Cross references. — For Section 401(a)(17) of the federal Internal Revenue Code, see 26 U.S.C. § 401(a).
The 2009 amendment, effective March 18, 2009, in Subsection A, gives a participant the option to have benefits paid in the form of a lifetime income if the benefit is held in an annuity contract, payments for a term of years, or a single-sum cash payment; and added Subsection B.
The 1999 amendment, effective June 18, 1999, purported to amend this section but made no change.
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