§ 42-28-22.3. Separate plan and trust for retirement program of state police. (a) The retirement program established by § 42-28-22.1 shall constitute a separate retirement program known as the "State Police Retirement Program" which shall be deemed to be a separate plan for purposes of § 401(a) of the Internal Revenue Code of 1986 [26 U.S.C. § 401(a)], as amended. The provisions of § 36-8-20(a) - (i) shall be applicable to such program, shall be administered and interpreted in a manner consistent with maintaining the tax qualification of such program, and shall supercede any conflicting provision of law.
(b) Any trust established for the purpose of providing retirement benefits under the state police retirement program, including the trust described in § 42-28-22.1, shall be maintained pursuant to a written document which expressly provides that it shall be impossible at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries, for any part of the corpus or income of the trust to be used for, or diverted to, purposes other than the payment of retirement allowances and other pension benefits to employees and their beneficiaries. However, this requirement shall not prohibit: (1) the return of a contribution made by a mistake of fact within six (6) months, or (2) the payment of expenses in accordance with applicable law; nor shall this provision restrict the collective investment of the funds of such trust with the funds of the state and municipal retirement systems or other retirement programs administered by the retirement board, as determined by the state investment commission.
History of Section. (P.L. 1994, ch. 87, § 2; P.L. 2011, ch. 408, § 13; P.L. 2011, ch. 409, § 13.)
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