(1) A PERS member who is active both on and before July 1, 2002 and elects the PERS Defined Contribution Retirement Plan (DCRP) will have the following amounts transferred from the PERS Defined Benefit Retirement Plan (DBRP) to the member's individual account in the DCRP:

(a) Pre-July 1, 2002 contribution transfer amounts, which are:

(i) 100% of the employee's contributions to the DBRP, plus 8% compounded annual interest; and

(ii) the statutorily required percentage of the employer's contributions to the DBRP, plus 8% compounded annual interest; and

(b) July 1 and post-July 1, 2002 ongoing contribution amounts, which are:

(i) 100% of the employee's statutorily required contributions, plus 8% compounded annual interest; and

(ii) the employer's statutorily required contributions less the statutorily required plan choice rate, the statutorily required education fund rate and the statutorily required defined contribution retirement plan disability rate, plus 8% compounded annual interest.

(2) A PERS member who is active both on and before July 1, 2002, and elects the Montana University System Optional Retirement Program (MUS ORP) will have the following amounts transferred from the DBRP to the member's individual account in the MUS ORP:

(a) Pre-July 1, 2002 contribution transfer amounts, which are:

(i) 100% of the employee's contributions to the DBRP, plus 8% compounded annual interest; and

(ii) the statutorily defined percentage of the employer's contributions to the DBRP, plus 8% compounded annual interest; and

(b) July 1 and post-July 1, 2002 contribution amounts for employees electing the MUS ORP, which are:

(i) 100% of the employee's statutorily required contributions, plus 8% compounded annual interest; and

(ii) the employer's statutorily required contributions less the statutorily required plan choice rate and the statutorily required education fund rate, plus 8% compounded annual interest.

(3) The pre-July 1, 2002 contribution transfer amounts are calculated using the reporting agencies' contribution reports submitted to the MPERA for payrolls through June 2002 only.

(4) The July 1 and post-July 1, 2002 on-going contribution amounts for employees electing the DCRP are calculated beginning with the reporting agencies' July 2002 contribution reports and continue through all subsequent contribution reports until the member's election is filed with and confirmed by the MPERA.

(5) The July 1 and post-July 1, 2002 on-going contribution amounts for employees electing the MUS ORP are calculated beginning with the reporting agencies' July 2002 payroll reports and continue through all subsequent payroll reports until the member's election is filed with and confirmed by the MPERA.

(6) A PERS member newly hired on or after July 1, 2002 who elects the DCRP or the MUS ORP will only have ongoing contribution amounts transferred.