19-3-2126. (Effective on occurrence of contingency or July 1, 2002, whichever is earlier) Minimum account balance required for membership after termination -- adjustment by rule. (1) (a) If a member's account balance is less than $5,000 at the time that the member terminates covered employment, the member shall terminate plan membership by removing the member's account balance from the plan in a manner provided pursuant to 19-3-2123.
     (b) If the member fails to remove the member's account balance, the board may close the account by paying to the member a lump-sum distribution of the member's entire account balance.
     (2) The board may by rule adjust the minimum account balance provided in this section as necessary to maintain reasonable administrative costs and to account for inflation.

     History: En. Sec. 59, Ch. 471, L. 1999.