Merger of eligible employer groups

If a merger between two or more eligible employer groups occurs, the following requirements apply: 1. Written notification must be provided to the office no later than sixty days before the merger is final. 2. If two or more employer groups merge into one, and all do not presently participate in the public employees retirement system, the units merging shall decide upon one of the following: a. The participating employer or employers may elect to cease participation in the defined contribution plan as of the date of the merger. b. Subject to executing a revised participation agreement, eligible employees who have not previously been eligible for participation in any retirement plan of the employer must be given the choice to participate or waive participation effective the date of the merger. Any person hired in an eligible position after the consolidation date shall participate or any other employee mandated by the employer shall participate.