19-21-201. Participation in program. (1) Except as provided in this section, academic and professional administrative personnel with individual contracts under the authority of the board of regents are eligible for and may elect to participate in the program instead of the teachers' retirement system. This election must be exercised:

(a) before January 1, 1988, for an eligible person hired before July 1, 1987;

(b) within 90 days after entry into service or before January 1, 1988, whichever is later, for a person hired in an eligible position on or after July 1, 1987; and

(c) within 30 days after receiving written notice of eligibility or before January 1, 1988, whichever is later, for an employee who becomes eligible to participate in the program by reason of appointment, promotion, transfer, or reclassification to an eligible position.

(2) (a) An eligible person hired on or after July 1, 1993, shall become a member of the program unless the person is, on the date hired, an active, inactive, or retired member of a public retirement system created in Title 19, chapter 3 or 20.

(b) Except as provided in subsection (3), an eligible person hired who is a member of a public retirement system created in Title 19, chapter 3 or 20, shall elect to:

(i) remain with the retirement system of which the person is a member on the date hired, subject to subsection (7); or

(ii) become a member of the program.

(c) A person eligible to make an election under this subsection (2) shall exercise the election within 30 days of being hired.

(3) A person is ineligible to make an election under subsection (1) or (2) if the person previously elected to remain in the teachers' retirement system pursuant to subsection (1) or to remain in the public employees' retirement system or the teachers' retirement system pursuant to subsection (2).

(4) An election under this section must be exercised by filing a written irrevocable election with the teachers' retirement system or the public employees' retirement system and the disbursing officer of the employer. The election is effective as of the date the notice is filed or January 1, 1988, whichever is later.

(5) If an eligible person fails to exercise an election under this section, the person shall remain or become a member of the teachers' retirement system or the public employees' retirement system.

(6) An election under this section is not effective unless the notice filed with the disbursing officer of the employer is accompanied by an appropriate application, if one is required, for the issuance of a contract or contracts under the program.

(7) Beginning July 1, 2017, if a person making an election under subsection (2)(b) is an active, inactive, or retired member of both the public employees' retirement system and the teachers' retirement system, the person may only elect, under subsection (2)(b)(i), to remain a member of the system to which the position is reportable under the regular participation criteria specified in 19-3-401 or 19-20-302.