2005 Idaho Code - 59-1383 — TRANSFER OF ASSETS, LIABILITIES, DUTIES, AND RIGHTS TO STATE EMPLOYEE SYSTEM -- GOVERNING BOARD OF CITY SYSTEM ABOLISHED

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 13
                      PUBLIC EMPLOYEES RETIREMENT SYSTEM
    59-1383.  TRANSFER OF ASSETS, LIABILITIES, DUTIES, AND RIGHTS TO STATE
EMPLOYEE SYSTEM -- GOVERNING BOARD OF CITY SYSTEM ABOLISHED. On its date of
establishment all of the funds, assets, liabilities, duties, obligations and
rights of the governing board of the city system and of all city members being
integrated into the employee system shall be transferred to the employee
system. The governing board of such a city system is by this chapter
abolished. On and after the date of establishment, benefits payable to
annuitants and beneficiaries of such a city system shall become the obligation
of the employee system and shall be paid in the same amount as established by
such a city system, except that on and after the date of establishment future
monthly benefits shall be subject to the provisions of section 59-1356
[59-1355], Idaho Code. The funds of such a city system are by this chapter
abolished. The custodian of the fund of such a city system shall transfer all
cash on hand in such fund to the state treasurer for deposit in the clearing
account of the employee system, and all evidence of indebtedness arising from
invested money of said fund to the funding agent as designated by the board.
The money and property of such funds shall become the money and property of
the employee system.