(1) (a) On or about January 1, 2023, the assets and liabilities of the statewide hybrid plan shall merge into the statewide retirement plan created pursuant to article 31.5 of this title 31. (b) The statewide hybrid plan members defined benefit account assets shall be transferred to the lifetime benefits account created pursuant to part 1 of article 31.5 of this title 31. (c) The statewide hybrid plan aggregate money purchase accounts assets shall be transferred to the money purchase account created in part 1 of article 31.5 of this title 31. (d) Deferred retirement option plan account assets of the statewide hybrid plan shall be transferred to the money purchase account created in part 1 of article 31.5 of this title 31. (2) All remaining defined benefits and other obligations of the statewide hybrid plan payable on and after January 1, 2023, shall be paid from lifetime benefits account of the statewide retirement plan. The money purchase obligations of the statewide hybrid plan shall be transferred to and be payable from the money purchase component of the statewide retirement plan. Said obligations shall be paid pursuant to the statutory provisions and rules adopted by the board regarding the statewide retirement plan pursuant to article 31.5 of this title 31. (3) Participation by all members, including retirees, in the statewide hybrid plan shall terminate upon the merger of the plans and said members shall begin participation in the hybrid component and the money purchase component of the statewide retirement plan. Accumulated service credit and length of service shall be aggregated between the plans. Retirees shall receive an adjustment to their benefits based on the actuarial funding of the plan upon merger as determined by the board. (4) Immediately after such transfer, the affected member's accrued benefits in the statewide retirement plan shall be at least as great as the member's accrued benefits immediately before the transfer. (5) The merger is intended to be consistent with the requirements under section 414 (l) of the federal "Internal Revenue Code of 1986", as amended, and shall not be considered a plan termination and shall not result in a distributable event.
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