Section 24-51-1102 - Reduction of a service retirement benefit - disclosure of service agreements by employers - definitions(1) Except as otherwise provided in part 17 of this article, employment of a retiree by an employer, whether or not in a position subject to membership, that exceeds the daily or hourly calendar year limits stated in section 24-51-1101 (1) shall result in a reduction of the benefit of such retiree by five percent per day for any part of a day that exceeds said limits. Any reduction of benefits pursuant to the provisions of this subsection (1) that exceeds one hundred percent of the benefit shall be carried forward to reduce future months' benefits.(2) Employment of a retiree by an employer, whether or not in a position subject to membership, that occurs during the month of the effective date of retirement shall result in a reduction of the benefit of such retiree by five percent per day for any part of a day that the retiree works during such month. Any reduction of benefits pursuant to the provisions of this subsection (2) that exceeds one hundred percent of the benefit shall be carried forward to reduce future months' benefits.(3) Each employer shall provide a copy to the association of any tax-related information on its employees or other individuals or firms whereby the employer receives services in any form, pursuant to rules promulgated by the association. In addition, each employer shall provide a copy to the association of any agreement, contract, letter of understanding, or other arrangement whereby the employer will receive services in any form, upon request by the association.(4) For purposes of subsections (1) and (2) of this section, "employment" shall be determined by the association consistent with the internal revenue service's guidance in revenue ruling 87-41, 1987 - 1 C.B. 296, as revised from time to time.L. 87: Entire article R&RE, p. 1073, § 1, effective July 1. L. 91: Entire section amended, p. 878, § 11, effective July 1. L. 94: Entire section amended, p. 2579, § 2, effective June 3. L. 2001: Entire section amended, p. 54, § 2, effective July 1. L. 2003: (1) amended, p. 2658, § 6, effective June 5. L. 2005: (3) and (4) added, p. 902, § 3, effective June 2. L. 2006: (4) amended, p. 1188, § 23, effective May 25. L. 2009: (1) amended, (SB 09 -282), ch. 288, p. 1347, § 43, effective 1/1/2010.