§ 36-9-39 Rhode Island airport corporation– Transferred employees. – (a) Definitions. For the purposes of this section:
(i) "Airport corporation" means the Rhode Island airportcorporation, a governmental agency and public instrumentality of the state ofRhode Island.
(ii) "Employee contribution accumulation" means an amountequal to the total member contributions of the transferred employees which werepicked up and paid by the airport corporation to the trust maintained by theairport corporation to receive those contributions during the interim periodplus actual earnings on the contributions. The employee contributionaccumulation attributable to each transferred employee shall be treated as suchemployee's accumulated contributions for purposes of chapters 9 and 10 of thistitle.
(iii) "Employer contribution accumulation" means an amountequal to the required contributions applicable to the interim period.
(iv) "Interim period" means the period from the transfer dateto the date that the requirement of subsection (c) is satisfied.
(v) "Required contribution" means the amount or amountsrequired to be contributed to the retirement system by the airport corporationin addition to the member contributions of the transferred employees in orderto fund the benefits attributable to the transferred employees earned after thetransfer date in accordance with the provisions of this section. The amount ofthe airport corporation's required contribution for any relevant periodfollowing the transfer date shall be an amount determined by multiplying therate percent established in accordance with § 36-10-2 for the period bythe compensation paid by the airport corporation to the transferred employeesduring the period. The airport corporation shall make its requiredcontribution, other than the required contribution for the interim period, inbi-weekly installments, each to be made within three (3) business daysfollowing the pay day. The required contribution applicable to the interimperiod shall be made in accordance with the provisions of subsection (c) ofthis chapter.
(vi) "Transfer date" means July 1, 1993.
(vii) "Transferred employee" means any individual who was anemployee of the department of transportation of the state of Rhode Island onthe date immediately preceding the transfer date, and was an active member ofthe retirement system on the date immediately preceding the transfer date, andwho became an employee of the airport corporation on the transfer date.
(b) Subject to subsections (c), (d) and (e) of this section,the period of service of any transferred employee with the airport corporationafter the transfer date shall be treated as service as an employee of the stateof Rhode Island for purposes of Chapters 8, 9, and 10 of this title.
(c) The provisions of subsection (b) of this section shallnot apply unless within ninety (90) days following the date of enactment ofthis section, the airport corporation transfers, or causes to have transferredfrom a trustee or other custodian, to the retirement system, an amount equal tothe sum of the employees contribution accumulation and the employercontribution accumulation.
(d) Notwithstanding the foregoing, any individual who is atransferred employee shall not be considered an employee of the state of RhodeIsland under subsection (b) for any period of employment in a category ofemployment making him or her eligible for any other retirement income benefitfunded by the airport corporation under a retirement plan sponsored by theairport corporation and intended to qualify under § 401(a)(4), 26 U.S.C.401(a)(4), of the United States Internal Revenue Code.
(e) Provided the requirement of subsection (c) of thissection is satisfied:
(i) Any retirement or death benefit provided to or on behalfof a transferred employee during the interim period by the airport corporation,or a trust established and maintained by the airport corporation, shall beconsidered provided by the state of Rhode Island retirement system and theamount of benefit paid by the airport corporation, or the trustee, shall reducethe amount required to be transferred to the retirement system under subsection(c) of this section.
(ii) Subsection (b) shall continue to apply after the date oftransfer specified in subsection (c) with respect to the period for which theairport corporation thereafter makes its required contribution to theretirement system. In the event that the airport corporation ceases to make itsrequired contribution, the transferred employees shall be considered inactivemembers of the retirement system as of the date of cessation.
(iii) The member contributions of the transferred employeesshall be considered picked up and paid by the airport corporation to theretirement system after the interim period pursuant to the provisions of §414(h)(2), 26 U.S.C. 414(h)(2), of the United States Internal Revenue Code. Thecontributions so picked up shall be treated as employer contributions indetermining the tax treatment under the United States Internal Revenue Code andshall not be included as gross income of the transferred employee until suchtime as they are distributed.
§ 36-9-39 Rhode Island airport corporation– Transferred employees. – (a) Definitions. For the purposes of this section:
(i) "Airport corporation" means the Rhode Island airportcorporation, a governmental agency and public instrumentality of the state ofRhode Island.
(ii) "Employee contribution accumulation" means an amountequal to the total member contributions of the transferred employees which werepicked up and paid by the airport corporation to the trust maintained by theairport corporation to receive those contributions during the interim periodplus actual earnings on the contributions. The employee contributionaccumulation attributable to each transferred employee shall be treated as suchemployee's accumulated contributions for purposes of chapters 9 and 10 of thistitle.
(iii) "Employer contribution accumulation" means an amountequal to the required contributions applicable to the interim period.
(iv) "Interim period" means the period from the transfer dateto the date that the requirement of subsection (c) is satisfied.
(v) "Required contribution" means the amount or amountsrequired to be contributed to the retirement system by the airport corporationin addition to the member contributions of the transferred employees in orderto fund the benefits attributable to the transferred employees earned after thetransfer date in accordance with the provisions of this section. The amount ofthe airport corporation's required contribution for any relevant periodfollowing the transfer date shall be an amount determined by multiplying therate percent established in accordance with § 36-10-2 for the period bythe compensation paid by the airport corporation to the transferred employeesduring the period. The airport corporation shall make its requiredcontribution, other than the required contribution for the interim period, inbi-weekly installments, each to be made within three (3) business daysfollowing the pay day. The required contribution applicable to the interimperiod shall be made in accordance with the provisions of subsection (c) ofthis chapter.
(vi) "Transfer date" means July 1, 1993.
(vii) "Transferred employee" means any individual who was anemployee of the department of transportation of the state of Rhode Island onthe date immediately preceding the transfer date, and was an active member ofthe retirement system on the date immediately preceding the transfer date, andwho became an employee of the airport corporation on the transfer date.
(b) Subject to subsections (c), (d) and (e) of this section,the period of service of any transferred employee with the airport corporationafter the transfer date shall be treated as service as an employee of the stateof Rhode Island for purposes of Chapters 8, 9, and 10 of this title.
(c) The provisions of subsection (b) of this section shallnot apply unless within ninety (90) days following the date of enactment ofthis section, the airport corporation transfers, or causes to have transferredfrom a trustee or other custodian, to the retirement system, an amount equal tothe sum of the employees contribution accumulation and the employercontribution accumulation.
(d) Notwithstanding the foregoing, any individual who is atransferred employee shall not be considered an employee of the state of RhodeIsland under subsection (b) for any period of employment in a category ofemployment making him or her eligible for any other retirement income benefitfunded by the airport corporation under a retirement plan sponsored by theairport corporation and intended to qualify under § 401(a)(4), 26 U.S.C.401(a)(4), of the United States Internal Revenue Code.
(e) Provided the requirement of subsection (c) of thissection is satisfied:
(i) Any retirement or death benefit provided to or on behalfof a transferred employee during the interim period by the airport corporation,or a trust established and maintained by the airport corporation, shall beconsidered provided by the state of Rhode Island retirement system and theamount of benefit paid by the airport corporation, or the trustee, shall reducethe amount required to be transferred to the retirement system under subsection(c) of this section.
(ii) Subsection (b) shall continue to apply after the date oftransfer specified in subsection (c) with respect to the period for which theairport corporation thereafter makes its required contribution to theretirement system. In the event that the airport corporation ceases to make itsrequired contribution, the transferred employees shall be considered inactivemembers of the retirement system as of the date of cessation.
(iii) The member contributions of the transferred employeesshall be considered picked up and paid by the airport corporation to theretirement system after the interim period pursuant to the provisions of §414(h)(2), 26 U.S.C. 414(h)(2), of the United States Internal Revenue Code. Thecontributions so picked up shall be treated as employer contributions indetermining the tax treatment under the United States Internal Revenue Code andshall not be included as gross income of the transferred employee until suchtime as they are distributed.
§ 36-9-39 Rhode Island airport corporation– Transferred employees. – (a) Definitions. For the purposes of this section:
(i) "Airport corporation" means the Rhode Island airportcorporation, a governmental agency and public instrumentality of the state ofRhode Island.
(ii) "Employee contribution accumulation" means an amountequal to the total member contributions of the transferred employees which werepicked up and paid by the airport corporation to the trust maintained by theairport corporation to receive those contributions during the interim periodplus actual earnings on the contributions. The employee contributionaccumulation attributable to each transferred employee shall be treated as suchemployee's accumulated contributions for purposes of chapters 9 and 10 of thistitle.
(iii) "Employer contribution accumulation" means an amountequal to the required contributions applicable to the interim period.
(iv) "Interim period" means the period from the transfer dateto the date that the requirement of subsection (c) is satisfied.
(v) "Required contribution" means the amount or amountsrequired to be contributed to the retirement system by the airport corporationin addition to the member contributions of the transferred employees in orderto fund the benefits attributable to the transferred employees earned after thetransfer date in accordance with the provisions of this section. The amount ofthe airport corporation's required contribution for any relevant periodfollowing the transfer date shall be an amount determined by multiplying therate percent established in accordance with § 36-10-2 for the period bythe compensation paid by the airport corporation to the transferred employeesduring the period. The airport corporation shall make its requiredcontribution, other than the required contribution for the interim period, inbi-weekly installments, each to be made within three (3) business daysfollowing the pay day. The required contribution applicable to the interimperiod shall be made in accordance with the provisions of subsection (c) ofthis chapter.
(vi) "Transfer date" means July 1, 1993.
(vii) "Transferred employee" means any individual who was anemployee of the department of transportation of the state of Rhode Island onthe date immediately preceding the transfer date, and was an active member ofthe retirement system on the date immediately preceding the transfer date, andwho became an employee of the airport corporation on the transfer date.
(b) Subject to subsections (c), (d) and (e) of this section,the period of service of any transferred employee with the airport corporationafter the transfer date shall be treated as service as an employee of the stateof Rhode Island for purposes of Chapters 8, 9, and 10 of this title.
(c) The provisions of subsection (b) of this section shallnot apply unless within ninety (90) days following the date of enactment ofthis section, the airport corporation transfers, or causes to have transferredfrom a trustee or other custodian, to the retirement system, an amount equal tothe sum of the employees contribution accumulation and the employercontribution accumulation.
(d) Notwithstanding the foregoing, any individual who is atransferred employee shall not be considered an employee of the state of RhodeIsland under subsection (b) for any period of employment in a category ofemployment making him or her eligible for any other retirement income benefitfunded by the airport corporation under a retirement plan sponsored by theairport corporation and intended to qualify under § 401(a)(4), 26 U.S.C.401(a)(4), of the United States Internal Revenue Code.
(e) Provided the requirement of subsection (c) of thissection is satisfied:
(i) Any retirement or death benefit provided to or on behalfof a transferred employee during the interim period by the airport corporation,or a trust established and maintained by the airport corporation, shall beconsidered provided by the state of Rhode Island retirement system and theamount of benefit paid by the airport corporation, or the trustee, shall reducethe amount required to be transferred to the retirement system under subsection(c) of this section.
(ii) Subsection (b) shall continue to apply after the date oftransfer specified in subsection (c) with respect to the period for which theairport corporation thereafter makes its required contribution to theretirement system. In the event that the airport corporation ceases to make itsrequired contribution, the transferred employees shall be considered inactivemembers of the retirement system as of the date of cessation.
(iii) The member contributions of the transferred employeesshall be considered picked up and paid by the airport corporation to theretirement system after the interim period pursuant to the provisions of §414(h)(2), 26 U.S.C. 414(h)(2), of the United States Internal Revenue Code. Thecontributions so picked up shall be treated as employer contributions indetermining the tax treatment under the United States Internal Revenue Code andshall not be included as gross income of the transferred employee until suchtime as they are distributed.
