If an employee is a contributing fund member at the time the employee elects under section 5 of this chapter to participate in a retirement benefit system:

1. (1) the employee's rights in the fund on the date the employee's election is effective are the same as if the employee had terminated employment on that date; and

2. (2) the employee's election and suspension of membership in the fund are effective on July 1 immediately following the date the employee files the election with the state educational institution.

   [Pre-2007 Higher Education Recodification Citations: 21-6.1-8-2(f); 21-6.1-8-2(c).]

As added by P.L.2-2007, SEC.279.