Section 38-13-216 - Money held by the public employees' retirement association - definitions

(1) For purposes of this section, unless the context otherwise requires: (a) 'Account left inactive' means the contributions of any nonvested member who has terminated employment with an employer if the member's member contribution account with the association has been left inactive.(b) 'Association' means the public employees' retirement association created pursuant to section 24-51-201.(c) 'Benefit' has the same meaning as set forth in section 24-51-101 (7).(d) 'Benefit recipient' has the same meaning as set forth in section 24-51-101 (8).(e) 'Employer' has the same meaning as set forth in section 24-51-101 (20).(f) 'Member' has the same meaning as set forth in section 24-51-101 (29).(g) 'Unclaimed benefit' means a benefit owed to any benefit recipient if the benefit remains unpaid.(h) 'Unclaimed member refund' means the contributions of a member who has terminated employment with an employer and who has requested a refund of the contributions if the refund remains unpaid.(2) Any money and any accrued interest held by the association for accounts left inactive, unclaimed benefits, or unclaimed member refunds are presumed abandoned if the money, benefit, or refund remains

Any money and any accrued interest held by the association for accounts left inactive, unclaimed benefits, or unclaimed member refunds are presumed abandoned if the money, benefit, or refund remains unclaimed for more than five years after the money, benefit, or refund becomes payable or distributable pursuant to article 51 of title 24 unless the owner of the money, within five years, has: (a) Communicated in writing with the association concerning the money; or(b) Otherwise indicated an interest in the money as evidenced by a memorandum or other record on file prepared by an employee of the association.(3) Property that is presumed abandoned pursuant to this section is the only property held by the association that is subject to this article 13.Entire article repealed and reenacted with amendments by 2019 Ch. 110, § 1, eff. 7/1/2020.L. 2019: Entire article R&RE, (SB 19 -088), ch. 423, p. 423, § 1, effective 7/1/2020.This section is similar to former § 38-13-108.5 as it existed prior to 2020.