Section 54-52.6-10 - [Effective Until the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board] VestingA participating member is immediately one hundred percent vested in that member's contributions made to that member's account under this chapter. A participating member vests in the employer contributions made on that member's behalf to an account under this chapter according to the following schedule:
1. Upon completion of two years of service, fifty percent.2. Upon completion of three years of service, seventy-five percent.3. Upon completion of four years of service, one hundred percent. A participating member also becomes one hundred percent vested in the employer contributions upon reaching age sixty-five. A participating member who was a member or deferred member of the public employees retirement system under chapter 54-52 who makes an election to participate in the defined contribution retirement plan pursuant to this chapter must be credited with the years of service accrued under the public employees retirement system on the effective date of participation in the defined contribution retirement plan for the purpose of meeting vesting requirements for benefits under this section. Any forfeiture as a result of the failure of a participating member to vest in the employer contribution must be deposited in the administrative expenses account.
Amended by S.L. 2023SP1, ch. 644 (HB 1548),§ 22, eff. on the date which must be before 1/1/2025, identified in a certification by the retirement board, only if the board certifies to the legislative council that the public employees retirement system is prepared to close the main system defined benefit retirement plan on the day before the date identified by the board, and to open the new defined contribution retirement plan on the date identified by the board.This section is set out more than once due to postponed, multiple, or conflicting amendments.