Implementation

The Board of Trustees will be responsible for implementation of the new defined contribution plan and the completion of the following implementation steps:

(a)Establishment of procedures to withhold member and employer contributions and transferring of such contributions to a temporary investment account with respect to employees hired after September 30, 1995. This step is to be completed within one

(1)month of the enactment of the enabling legislation.

(b)Preparation of request for proposal

(RFP)for investment management and plan administration services. This step is to be completed within two

(2)months of enactment of the enabling legislation.

(c)Proposals for the provision of investment management and plan administration services to be received by the Board of Trustees. This step is to be completed within six

(6)months of enactment of the enabling legislation. CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(d)Review of proposals and selection of investment managers and plan administrators. This step is to be completed within six

(6)months of enactment of the enabling legislation.

(e)Development and distribution of appropriate plan summary, and enrollment/investment election materials to post-September 30, 1995, hires. This step is to be completed within eight

(8)months of enactment of the enabling legislation.

(f)Election materials returned and processed and funds currently held in temporary investment account allocated to appropriate investment funds per the election of the member. This step is to be completed within ten

(10)months of enactment of the enabling legislation.

(g)Development and distribution of appropriate plan summary, benefit projection illustrations and enrollment/investment election materials to pre-October 1, 1995, hires. This step is to be completed within thirty-six

(36)months of enactment of the enabling legislation.

(h)Process pre October 1, 1995, hire elections, transfer accumulated member contributions from existing retirement system to defined contribution plan or calculate frozen accrued benefits in existing retirement plan as appropriate. This step is to be completed within sixty-five

(65)months of enactment of enabling legislation, except for the steps related to transfer elections as provided in § 8207.