Money purchase component contributions

(1) For members who elected the money purchase only option upon reentry into a predecessor plan, the contribution rate for employers and members is equal to the contribution rates established in the predecessor plan. (2) Contributions, including separate retirement account balances from the predecessor statewide defined benefit plan established under part 4 of article 31 of this title 31, transfers from the predecessor statewide hybrid plan money purchase accounts, surplus contributions allocated from the defined benefit component contributions pursuant to section 31-31.5-301 (3), the portion of the minimum contributions of hybrid component allocated to the money purchase component pursuant to section 31-31.5-303 (3), increased local mandatory contributions pursuant to section 31-31.5-307, and increased local voluntary contributions pursuant to section 31-31.5-308 must be deposited in the money purchase component. (3) The board may provide through rules for rollovers or transfer of funds from other plans to be deposited in the money purchase component subject to requirements and limits established by the federal "Internal Revenue Code of 1986", as amended.