19-21-214. Contributions and allocations for employees in positions covered under the public employees' retirement system. (1) The contribution rates for employees in positions covered under the public employees' retirement system who elect to become program members pursuant to 19-3-2112 are as follows:
     (a) the member's contribution rate must be the rate provided in 19-3-315; and
     (b) the employer's contribution rate must be the rate provided in 19-3-316.
     (2) Subject to subsection (3), the employer's contribution under subsection (1)(b) must be allocated as follows:
     (a) 4.49% of compensation must be allocated to the participant's program account;
     (b) 2.37% of compensation must be allocated to the defined benefit plan under the public employees' retirement system as the plan choice rate; and
     (c) 0.04% of compensation must be allocated to the education fund pursuant to 19-3-112(1)(c).
     (3) The allocations under subsection (2) are subject to adjustment by the public employees' retirement board, but only as described in and in a manner consistent with the express provisions of 19-3-2121.

     History: En. Sec. 37, Ch. 490, L. 2001.