Idaho State Statutes - Idaho Attorney Directory

(1) The director is authorized to appoint, fix the
compensation, and prescribe the duties and powers of such officers, employees,
and other persons as may be necessary. The director may delegate to any such
person such power and authority as he deems reasonable and proper for the
effective administration of this chapter, and may, in the time, form and
manner prescribed by chapter 8, title 59, Idaho Code, bond persons handling
moneys or signing checks hereunder, such bond to be paid from the employment
security administration fund.
(2) (a) Subject only to the provisions of this chapter and such rules as
the director may prescribe, the director is authorized and directed to
establish and maintain a group pension plan providing retirement,
disability, and death benefits for employees of the department through the
means of group contracts negotiated with an insurer, licensed and
qualified to do business under the laws of the state of Idaho.
(b) Employees covered by the plan shall include all employees (other than
temporary and hourly-rated employees) who are in employee status with the
department and whose employment commenced before October 1, 1980.
(c) Credited service shall mean all service by employees in the employ of
the department (exclusive of leaves without pay other than military leave)
as follows:
(i) Past service rendered prior to the effective date of the plan
by employees; for this purpose prior service shall include service in
any of the predecessor, component organizations thereof, as
determined appropriate by the director on the effective date, and
shall also include leave-of-absence for military service occurring
within a period of otherwise continuous service in any such
predecessor organizations.
(ii) Future service rendered on and after said effective date.
(iii) An employee of the department placed on loan or special duty
with other governmental units may be deemed to be in credited service
when the costs of continuing credited service are made reimbursable
in accordance with an agreement approved by the director.
(d) For each year of credited service each employee covered under the
plan shall receive a monthly pension commencing upon retirement at or
after age sixty-five (65) and continuing until death, of not less than one
and one-half percent (1 1/2%) of monthly earnings, except that appropriate
schedules and conditions for service retirement, early retirement,
disability retirement, and contingency annuity options shall be included
in the insurance plan. Notwithstanding any other provisions of this
section to the contrary, the director is authorized and directed to
negotiate with the insurer to invest any interest, dividends, earnings, or
other moneys accruing to the funds financing the employees' retirement
program with the insurer to purchase additional retirement benefits. The
purchase of said additional benefits shall be contingent upon actuarial
appraisals of the plan and shall be based on sound actuarial principles.
Total retirement benefits to be provided under the program shall meet the
requirements of the Internal Revenue Service for integration purposes.
(e) The cost of past service, future service and disability pensions
shall be calculated according to sound actuarial principles. The costs of
the plan, including funding of past service pensions which shall be funded
over a period of time consistent with good insurance practices, shall be
paid from administrative funds available to the department. Each employee
covered under the plan shall by payroll deduction contribute toward the
cost of future service pensions at not less than the rate paid by the
department, but not to exceed seven percent (7%) of monthly earnings.
(f) Upon termination of service, an employee may elect to receive the
refund of his contributions plus interest or may elect to have the
tax-deferred contributions and interest directly rolled over to an
individual retirement account or annuity or to another qualified
retirement plan that accepts the roll over, pursuant to 26 U.S.C. 402(c).
A vested employee, as provided in the insurance contract, who leaves his
contributions in the plan will remain entitled to the pension purchased by
the contributions made on his behalf, and all other privileges under the
plan.
(g) If an employee dies more than ten (10) years before his normal
retirement date, all of his contributions plus interest will be returned
to a previously-named beneficiary, subject to survivor benefits as
provided in the plan. The following provisions of this subsection shall be
subject to a contingency annuity option. If an employee dies on or after
the date ten (10) years prior to his normal retirement date, it will be
assumed that he retired on the first day of the month following his date
of death, and his beneficiary shall receive, beginning on the assumed
retirement date, one hundred twenty (120) monthly pension payments. The
amount of monthly pension payable will be based on the credit accrued to
that time and the employee's assumed earlier retirement age. If death
occurs after retirement but before one hundred twenty (120) monthly
pension payments have been made, the monthly pension will be continued to
his beneficiary until a total of one hundred twenty (120) monthly payments
have been made.

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