(a) The retirement system, on request of the chief governing body of a political subdivision participating in the retirement system, may administer on behalf of such political subdivision any preexisting public employee retirement plan maintained by the political subdivision. However, any such plan must be a qualified plan under the Internal Revenue Code (26 U.S.C.) and must have a benefit structure suitable for efficient administration by the retirement system. Acceptance of the administration of the preexisting plan shall be subject to the approval of the board of trustees. If approval is given, such administration shall be in accordance with the terms specified by the chair of the board of trustees, and all assets and requisite records of the preexisting plan shall be transferred to the retirement system.
(b) The state treasurer shall be responsible for investment of the plan assets in accordance with the laws, guidelines and policies which govern investments of the assets of the retirement system. All assets of the preexisting plan may be commingled for investment purposes with assets of the retirement system.
(c) The retirement system shall not be liable for the payment of any retirement allowances or other benefits on account of the members, retirees or beneficiaries of any preexisting plan administered pursuant to this section for which reserves have not been previously created from funds contributed by the respective political subdivision or its employees for such benefits.
(d) It is the legislative intent that the state shall realize no increased cost as a result of this section. All costs associated with this section, including administrative costs, shall be the responsibility of the respective political subdivision.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.