Current through the 2023 Regular Session
Section 19-20-1212 - Recovery methods(1) The retirement system may use any or all of the following methods to recover amounts owed from a member or benefit recipient: (a) accept a lump-sum payment;(b) accept installment payments;(c) accept a rollover payment from a member;(d) actuarially adjust monthly benefit payments;(e) withhold up to 50% of each monthly benefit payment;(f) withhold up to 100% of a lump-sum distribution; or(g) withhold up to 100% of the lump-sum death benefit payable under 19-20-1001(1)(b) or 19-20-1002(1)(a).(2) For payment of amounts owed by an employer, the retirement system may use any or all of the following methods: (a) adjust the amount of subsequent contributions due from the employer;(b) accept installment payments; or(c) accept a lump-sum payment.Amended by Laws 2019, Ch. 276,Sec. 20, eff. 7/1/2019.En. Sec. 9, Ch. 210, L. 2015.