§ 36-9-42 Rhode Island economicdevelopment corporation – Transferred employees. – (a) Definitions. For the purposes of this section:
(1) "Economic development corporation" means the Rhode Islandeconomic development corporation, a governmental agency and publicinstrumentality of the state of Rhode Island.
(2) "Employee contribution accumulation" means an amountequal to the total member contributions of the transferred employees which werepicked up and paid by the economic development corporation to the trustmaintained by the economic development corporation to receive the contributionsduring the interim period plus actual earnings on those contributions. Theemployee contribution accumulation attributable to each transferred employeeshall be treated as the employee's accumulated contributions for purposes ofchapter 9 and 10 of this title.
(3) "Employer contribution accumulation" means an amountequal to the required contributions applicable to the interim period.
(4) "Interim period" means the period from the transfer dateto the date that the requirement of subsection (c) is satisfied.
(5) "Required contribution" means the amount or amountsrequired to be contributed to the retirement system by the economic developmentcorporation in addition to the member contributions of the transferredemployees in order to fund the benefits attributable to the transferredemployees earned after the transfer date in accordance with the provisions ofthis section. The amount of the economic development corporation's requiredcontribution for any relevant period following the transfer date shall be anamount determined by multiplying the rate percent established in accordancewith § 36-10-2 for the period by the compensation paid by the economicdevelopment corporation to the transferred employees during such period. Theeconomic development corporation shall make its required contribution, otherthan the required contribution for the interim period, in bi-weeklyinstallments, each to be made within three (3) business days following the payday. The required contribution applicable to the interim period shall be madein accordance with the provisions of subsection (c) of this section.
(6) "Transfer date" means the effective date of this article.
(7) "Transferred employee" means any individual who was anemployee of the department of economic development of the state of Rhode Islandon the 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 economic development corporation on the transferdate.
(b) Subject to subsections (c), (d), and (e) of this section,the period of service of any transferred employee with the economic developmentcorporation after the transfer date shall be treated as service as an employeeof the state of Rhode Island for purposes of Chapters 8, 9, and 10 of thistitle.
(c) The provisions of subsection (b) of this section shallnot apply unless within ninety (90) days following the date of enactment ofthis section, the economic development corporation transfers or causes to havetransferred from a trustee or other custodian to the retirement system, anamount equal to the sum of the employee contribution accumulation and theemployer contribution 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 during which he or sheelects to participate in any other retirement income benefit funded by theeconomic development corporation under a retirement plan sponsored by theeconomic development 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:
(1) Any retirement or death benefit provided to or on behalfof a transferred employee during the interim period by the economic developmentcorporation, or a trust established and maintained by the economic corporationshall be considered provided by the retirement system and the amount of benefitpaid by the economic development corporation or the trustee shall reduce theamount required to be transferred to the retirement system under subsection (c)of this section.
(2) Subsection (b) shall continue to apply after the date oftransfer specified in subsection (c) with respect to the period for which theeconomic development corporation thereafter makes its required contribution tothe retirement system. In the event that the economic development corporationceases to make its required contribution, the transferred employees shall beconsidered inactive members of the retirement system as of the date ofcessation.
(3) The member contributions of the transferred employeesshall be considered picked up and paid by the economic development corporationto the retirement 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 RevenueCode. The contributions so picked up shall be treated as employer contributionsin determining the tax treatment under the United States Internal Revenue Codeand shall not be included as gross income of the transferred employee untilsuch time as they are distributed.
(4) All transferred employees who are contributing members ofthe employees retirement system shall continue as members unless they elect tocease contributions as of October 31, 1995. Any transferred employee who hascontributed for at least ten (10) years may elect to participate in analternative retirement program and still maintain vested rights to a pensionwithin the employees retirement system. All transferred employees shall haveninety (90) days to make their election to participate in an alternativeretirement program.
§ 36-9-42 Rhode Island economicdevelopment corporation – Transferred employees. – (a) Definitions. For the purposes of this section:
(1) "Economic development corporation" means the Rhode Islandeconomic development corporation, a governmental agency and publicinstrumentality of the state of Rhode Island.
(2) "Employee contribution accumulation" means an amountequal to the total member contributions of the transferred employees which werepicked up and paid by the economic development corporation to the trustmaintained by the economic development corporation to receive the contributionsduring the interim period plus actual earnings on those contributions. Theemployee contribution accumulation attributable to each transferred employeeshall be treated as the employee's accumulated contributions for purposes ofchapter 9 and 10 of this title.
(3) "Employer contribution accumulation" means an amountequal to the required contributions applicable to the interim period.
(4) "Interim period" means the period from the transfer dateto the date that the requirement of subsection (c) is satisfied.
(5) "Required contribution" means the amount or amountsrequired to be contributed to the retirement system by the economic developmentcorporation in addition to the member contributions of the transferredemployees in order to fund the benefits attributable to the transferredemployees earned after the transfer date in accordance with the provisions ofthis section. The amount of the economic development corporation's requiredcontribution for any relevant period following the transfer date shall be anamount determined by multiplying the rate percent established in accordancewith § 36-10-2 for the period by the compensation paid by the economicdevelopment corporation to the transferred employees during such period. Theeconomic development corporation shall make its required contribution, otherthan the required contribution for the interim period, in bi-weeklyinstallments, each to be made within three (3) business days following the payday. The required contribution applicable to the interim period shall be madein accordance with the provisions of subsection (c) of this section.
(6) "Transfer date" means the effective date of this article.
(7) "Transferred employee" means any individual who was anemployee of the department of economic development of the state of Rhode Islandon the 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 economic development corporation on the transferdate.
(b) Subject to subsections (c), (d), and (e) of this section,the period of service of any transferred employee with the economic developmentcorporation after the transfer date shall be treated as service as an employeeof the state of Rhode Island for purposes of Chapters 8, 9, and 10 of thistitle.
(c) The provisions of subsection (b) of this section shallnot apply unless within ninety (90) days following the date of enactment ofthis section, the economic development corporation transfers or causes to havetransferred from a trustee or other custodian to the retirement system, anamount equal to the sum of the employee contribution accumulation and theemployer contribution 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 during which he or sheelects to participate in any other retirement income benefit funded by theeconomic development corporation under a retirement plan sponsored by theeconomic development 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:
(1) Any retirement or death benefit provided to or on behalfof a transferred employee during the interim period by the economic developmentcorporation, or a trust established and maintained by the economic corporationshall be considered provided by the retirement system and the amount of benefitpaid by the economic development corporation or the trustee shall reduce theamount required to be transferred to the retirement system under subsection (c)of this section.
(2) Subsection (b) shall continue to apply after the date oftransfer specified in subsection (c) with respect to the period for which theeconomic development corporation thereafter makes its required contribution tothe retirement system. In the event that the economic development corporationceases to make its required contribution, the transferred employees shall beconsidered inactive members of the retirement system as of the date ofcessation.
(3) The member contributions of the transferred employeesshall be considered picked up and paid by the economic development corporationto the retirement 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 RevenueCode. The contributions so picked up shall be treated as employer contributionsin determining the tax treatment under the United States Internal Revenue Codeand shall not be included as gross income of the transferred employee untilsuch time as they are distributed.
(4) All transferred employees who are contributing members ofthe employees retirement system shall continue as members unless they elect tocease contributions as of October 31, 1995. Any transferred employee who hascontributed for at least ten (10) years may elect to participate in analternative retirement program and still maintain vested rights to a pensionwithin the employees retirement system. All transferred employees shall haveninety (90) days to make their election to participate in an alternativeretirement program.
§ 36-9-42 Rhode Island economicdevelopment corporation – Transferred employees. – (a) Definitions. For the purposes of this section:
(1) "Economic development corporation" means the Rhode Islandeconomic development corporation, a governmental agency and publicinstrumentality of the state of Rhode Island.
(2) "Employee contribution accumulation" means an amountequal to the total member contributions of the transferred employees which werepicked up and paid by the economic development corporation to the trustmaintained by the economic development corporation to receive the contributionsduring the interim period plus actual earnings on those contributions. Theemployee contribution accumulation attributable to each transferred employeeshall be treated as the employee's accumulated contributions for purposes ofchapter 9 and 10 of this title.
(3) "Employer contribution accumulation" means an amountequal to the required contributions applicable to the interim period.
(4) "Interim period" means the period from the transfer dateto the date that the requirement of subsection (c) is satisfied.
(5) "Required contribution" means the amount or amountsrequired to be contributed to the retirement system by the economic developmentcorporation in addition to the member contributions of the transferredemployees in order to fund the benefits attributable to the transferredemployees earned after the transfer date in accordance with the provisions ofthis section. The amount of the economic development corporation's requiredcontribution for any relevant period following the transfer date shall be anamount determined by multiplying the rate percent established in accordancewith § 36-10-2 for the period by the compensation paid by the economicdevelopment corporation to the transferred employees during such period. Theeconomic development corporation shall make its required contribution, otherthan the required contribution for the interim period, in bi-weeklyinstallments, each to be made within three (3) business days following the payday. The required contribution applicable to the interim period shall be madein accordance with the provisions of subsection (c) of this section.
(6) "Transfer date" means the effective date of this article.
(7) "Transferred employee" means any individual who was anemployee of the department of economic development of the state of Rhode Islandon the 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 economic development corporation on the transferdate.
(b) Subject to subsections (c), (d), and (e) of this section,the period of service of any transferred employee with the economic developmentcorporation after the transfer date shall be treated as service as an employeeof the state of Rhode Island for purposes of Chapters 8, 9, and 10 of thistitle.
(c) The provisions of subsection (b) of this section shallnot apply unless within ninety (90) days following the date of enactment ofthis section, the economic development corporation transfers or causes to havetransferred from a trustee or other custodian to the retirement system, anamount equal to the sum of the employee contribution accumulation and theemployer contribution 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 during which he or sheelects to participate in any other retirement income benefit funded by theeconomic development corporation under a retirement plan sponsored by theeconomic development 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:
(1) Any retirement or death benefit provided to or on behalfof a transferred employee during the interim period by the economic developmentcorporation, or a trust established and maintained by the economic corporationshall be considered provided by the retirement system and the amount of benefitpaid by the economic development corporation or the trustee shall reduce theamount required to be transferred to the retirement system under subsection (c)of this section.
(2) Subsection (b) shall continue to apply after the date oftransfer specified in subsection (c) with respect to the period for which theeconomic development corporation thereafter makes its required contribution tothe retirement system. In the event that the economic development corporationceases to make its required contribution, the transferred employees shall beconsidered inactive members of the retirement system as of the date ofcessation.
(3) The member contributions of the transferred employeesshall be considered picked up and paid by the economic development corporationto the retirement 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 RevenueCode. The contributions so picked up shall be treated as employer contributionsin determining the tax treatment under the United States Internal Revenue Codeand shall not be included as gross income of the transferred employee untilsuch time as they are distributed.
(4) All transferred employees who are contributing members ofthe employees retirement system shall continue as members unless they elect tocease contributions as of October 31, 1995. Any transferred employee who hascontributed for at least ten (10) years may elect to participate in analternative retirement program and still maintain vested rights to a pensionwithin the employees retirement system. All transferred employees shall haveninety (90) days to make their election to participate in an alternativeretirement program.
