(A) (1) Effective on the adoption date, pursuant to Plan Section 19B(11), all current MERS defined contribution members who are members of the same employee classification described in Section 1 above on the adoption date shall be offered the opportunity to irrevocably elect coverage under Benefit Program H. Section 19B(12) specifies an employee's written election to participate shall be filed with MERS:
(a) Not earlier than the last day of the third month after this subchapter is adopted and Ord. 091012-1 is received by MERS; and
(b) Not later than the first day of the first calendar month that is at least 6 months after MERS receives Ord. 091012-1. This means each eligible employee will have about 90 days to make the decision.
(2) After MERS receives Ord. 091012-1, this governing body's authorized official and eligible employees will be advised by MERS of the election window timelines and other information to consider in making the irrevocable decision whether to participate in Benefit Program H.
(3) Participation for those electing coverage shall be effective the first day of the first calendar month at least 6 months after MERS' receipt of the Ordinance, here designated as being the month of November 1, 2009, shall be known as the "CONVERSION DATE."
(4) The opportunity for current employees on the adoption date to participate in the Hybrid Program shall not apply to any employee who separates from or terminates employment with this municipality after the adoption date.
(B) Contributions shall be as provided in § 30.22(A).
(C) Compensation and earnings shall be as provide in § 30.22(B).
(D) Hybrid Plan Vesting shall be as provided in § 30.22(C).
(E) For each employee irrevocably electing to participate in Benefit Program H, then under Plan Section 19B( 15), the following shall apply:
(1) The accumulated balance in the reserve for defined contribution plan under Benefit Program DC. if any, as of 12:01 a.m. on the day the member becomes covered by Benefit Program H shall be transferred to the reserve for defined contribution plan under Benefit Program H.
(2) For purposes of calculating benefit amounts under the defined benefit component of Benefit Program H, only credited service earned after 12:01 a.m. on the day the member becomes covered by Benefit Program H shall be recognized.
(Ord. 091012-1, passed 10-12-2009)