Section 54-52-14.3 - [Effective 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] Public employee retirement funds - Use and investment Any provision of law relating to the use and investment of public employee retirement funds must be deemed a part of the employment contracts of the employees participating in any public employee retirement system. All moneys from any source paid into any public employee retirement system fund created by the laws of this state must be used and invested only for the exclusive benefit of the members, retirees, and beneficiaries of the retirement system, including the payment of system administrative costs.
Amended by S.L. 2023SP1, ch. 644 (HB 1548),§ 9, 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.Amended by S.L. 2023, ch. 514 (HB 1040),§ 11, eff. 1/1/2025.This section is set out more than once due to postponed, multiple, or conflicting amendments.