Terms Used In Idaho Code 59-1306

Idaho Code 59-1302
  • Retirement: means the acceptance of a retirement allowance under this chapter upon termination of employment and, unless otherwise provided by law, requires a termination of employment from an employer participating in PERSI, the judges retirement fund, the firefighters retirement fund or the optional retirement plan. See Idaho Code 59-1302
  • system: means the public employee retirement system of Idaho. See Idaho Code 59-1302
    •   Chapter 13, title 59, and chapter 14, title 72, Idaho Code, shall be administered in a manner so as to comply with the requirements of 26 U.S.C. § 401(a)(8), (9), (16), (25), (31), (36) and (37) and with the vesting requirements described in 26 U.S.C. § 411(e)(2). The public employee retirement system board shall promulgate rules and amend or repeal conflicting rules in order to assure compliance with the requirements of these sections. This chapter shall be in full force and effect only so long as compliance with paragraphs (8), (9), (16), (25), (31), (36) and (37) of subsection 401(a) and paragraph (2) of subsection 411(e) of the Internal Revenue Code is required for public retirement systems. If compliance with any such paragraph is, at any point no longer required, this provision or the applicable portion thereof, will cease to have any force or effect.