(1) Any employer who has established a local money purchase plan pursuant to part 6 of this article 31 or article 30.5 of this title 31 or has withdrawn into the statewide money purchase plan pursuant to part 5 of this article 31 may apply to the board to require all new employees hired on or after a date certain who meet the definition of member as defined in section 31-31-102 (4) to participate as a group in the defined benefit system in either the defined benefit component or the hybrid and money purchase components of the statewide retirement plan established in article 31.5 of this title 31. An application may be initiated by filing with the board a resolution adopted by the governing body of the employer in accordance with the terms, process, certifications, and schedule established by the board. (1.5) An employer who has elected participation pursuant to subsection (1) of this section may also apply to cover some or all of the existing members of its money purchase plan under the defined benefit system. An application may be initiated by filing with the board a resolution adopted by the governing body of the employer in accordance with the requirements, terms, process, certifications, and schedule established by the board. (2) (Deleted by amendment, L. 2018.) (3) Except as otherwise provided in subsection (3.5) of this section, any application for coverage under the defined benefit system pursuant to subsection (1.5) of this section shall be approved by at least sixty-five percent of all active members employed by the employer who are participating in the money purchase plan at the time of the application and who vote in the election proposing the coverage. (3.5) (a) In lieu of an election to obtain the approval by at least sixty-five percent of all active members who vote in the election proposing the coverage as required by subsection (3) of this section, and when the local plan allows for the individual self-direction of each member's account, the employer may offer each active local plan member the option to discontinue participation in the local money purchase plan and to participate in the defined benefit system. The offer shall be extended to all active local plan members employed by the employer at the time of the offer. (b) Nothing contained in subsection (3.5)(a) of this section shall be construed to waive or invalidate the requirement for an election of members that may be required by a local plan document, trust agreement, or labor agreement. (4) The board shall promulgate rules relating to standards for disclosure of all ramifications and procedures for obtaining member approval pursuant to subsection (3) of this section or for allowing active members to join the defined benefit system pursuant to subsection (3.5) of this section. The board shall also promulgate rules relating to standards for granting an employer's application for participation in the defined benefit system and for the submission of information to the board by the employer. Such rules shall contain a provision specifying that an employer that opts to participate in the defined benefit system shall not be permitted to opt out of the elected plan at any later date. (5) and (6) (Deleted by amendment, L. 2018.) (7) The board shall determine a continuing uniform rate of contribution for all members who are active on the effective date of coverage to fund the benefits payable by the fire and police pension association under the applicable component of the statewide retirement plan. The continuing rate of contribution shall be determined by the board utilizing certified actuarial reports prepared by the actuary for the plan. Any actuarial report shall also certify, in accordance with accepted actuarial principals, that the employers' coverage shall not have an adverse financial impact on the actuarial soundness of the plan. Continuing contributions for each member who is active on the effective date of coverage shall be made at the rate established on said date until the member's retirement or termination; except that the board may lower the continuing rate of contribution in the event it finds that the original continuing rate of contribution is in excess of what is required to pay the cost of benefits based on the advice of the actuary. The board may periodically adjust the rate prior to the election of coverage by an employer based on certified actuarial reports prepared by the actuary for the plan.
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