§ 42-28-22.3 - Separate plan and trust for retirement program of state police.
SECTION 42-28-22.3
§ 42-28-22.3 Separate plan and trust forretirement program of state police. – (a) The retirement program established by § 42-28-22.1 shall constitute aseparate retirement program known as the "State Police Retirement Program"which shall be deemed to be a separate plan for purposes of § 401(a) ofthe Internal Revenue Code of 1986 [26 U.S.C. § 401(a)], asamended. The provisions of § 36-8-20(a) – (h) shall be applicable tosuch program, shall be administered and interpreted in a manner consistent withmaintaining the tax qualification of such program, and shall supercede anyconflicting provision of law.
(b) Any trust established for the purpose of providingretirement benefits under the state police retirement program, including thetrust described in § 42-28-22.1, shall be maintained pursuant to a writtendocument which expressly provides that it shall be impossible at any time priorto the satisfaction of all liabilities with respect to employees and theirbeneficiaries, for any part of the corpus or income of the trust to be usedfor, or diverted to, purposes other than the payment of retirement allowancesand other pension benefits to employees and their beneficiaries. However, thisrequirement shall not prohibit: (1) the return of a contribution made by amistake of fact within six (6) months, or (2) the payment of expenses inaccordance with applicable law; nor shall this provision restrict thecollective investment of the funds of such trust with the funds of the stateand municipal retirement systems or other retirement programs administered bythe retirement board, as determined by the state investment commission.