19-3-2112. (Effective on occurrence of contingency or July 1, 2002, whichever is earlier) Plan choices for members employed by university system -- amount available to transfer -- effect on rights. (1) If an employee of the university system, as provided for in 20-1-101, is eligible to make an election under this part to transfer to the defined contribution plan, the employee may, instead of electing the plan, make a one-time irrevocable election on a form prescribed by the board to transfer membership to the university system's optional retirement program provided for under chapter 21 of this title.
     (2) For an employee electing to transfer to the optional retirement program, the board shall transfer to the optional retirement program the amount that the employee would have been able to transfer to the defined contribution plan under 19-3-2114.
     (3) An election to become a member of the optional retirement program pursuant to this section is a waiver of all rights and benefits under the public employees' retirement system.

     History: En. Sec. 48, Ch. 471, L. 1999.