Current through Register Vol. 54, No. 49, December 7, 2024
Section 249.58 - Optional Alternate Retirement ProgramUnder section 5301 of the code (relating to mandatory and optional membership), certain school employees may elect not to join the System in favor of an optional alternate retirement program approved by the employer.
(1) Every employee, who is eligible for membership in the optional alternate retirement program, shall make the election within 30 days of the first date of active employment. Employees not exercising the option to join the optional alternate retirement program shall be deemed to have chosen to commence active membership in the System, unless they have elected membership in the Public School Employees' Retirement System.(2) When an eligible employee elected to participate in the optional alternate retirement program in accordance with the provisions of paragraph (2) as it existed on April 15, 2005, or paragraph (4) as it existed on April 15, 2005, or elects to participate in the optional alternate retirement program in accordance with current paragraph (1), the election shall be final and binding so long as the employee remains eligible to remain in the optional alternate retirement program. If the employee later becomes employed by the Commonwealth in a capacity which does not qualify him for membership in the optional alternate retirement program, the employee shall, upon meeting the qualifications for membership in this System, make contributions to the fund, and if eligible, the employee may reinstate former credited service for which contributions had been withdrawn. Remittance of contributions or reinstatement of former credited service shall be made in accordance with the applicable provisions of the code. Service, salary or other compensation paid to an employee while a member of the optional alternate retirement program will not be credited toward membership in or retirement benefit from this System.(3) Each year, the Board will certify to the Secretary of Education or the governing bodies of employing institutions the percentage rate of the employer normal contribution as determined in accordance with section 5508(b) of the code.The provisions of this § 249.58 amended July 18, 1975, 5 Pa.B. 1840; amended April 15, 2005, effective 4/16/2005, 35 Pa.B. 2275.