(1)

1. (a) A regular full-time employee of an institution of higher education who is eligible to participate in either this system or with the Teachers' Insurance and Annuity Association of America or with any other public or private retirement system, organization, or company, designated by the Board of Regents, shall, not later than January 1, 1979, elect to participate exclusively in this system or in an annuity contract allowed under this Subsection (1).
2. (b) The election is final, and no right exists to make any further election.

(2)

1. (a) Except as provided under Subsection (2)(c), a regular full-time employee hired by an institution of higher education after January 1, 1979, may participate only in the retirement plan which attaches to the person's employment classification.

2. (b) Each institution of higher education shall prepare or amend existing employment classifications, under the direction of the Board of Regents, so that each classification is assigned with either:

   1. (i) this system;
   2. (ii) the Teachers' Insurance and Annuity Association of America; or
   3. (iii) another public or private system, organization, or company designated by the Board of Regents.
3. (c) Notwithstanding a person's employment classification assignment under Subsection (2)(b), a regular full-time employee who begins employment with an institution of higher education on or after May 11, 2010, has a one-time irrevocable election to continue participation in this system, if the employee has service credit in this system before the date of employment.

(5)

1. (a) Notwithstanding any other provision of this section, a regular full-time employee of an institution of higher education shall have a one-time irrevocable election to participate in this system if the employee:

   1. (i) was hired after January 1, 1979;
   2. (ii) whose employment classification assignment under Subsection (2)(b) required participation in a retirement program other than this system; and
   3. (iii) has service credit in a system under this title.
2. (b) The election under Subsection (5)(a) shall be made before June 30, 2010.
3. (c) All forms required by the office must be completed and received by the office no later than June 30, 2010, for the election to participate in this system to be effective.
4. (d) Beginning July 1, 2010, a regular full-time employee of an institution of higher education who elects to be covered by this system under Subsection (5)(a) may begin to accrue service credit in this system.