§ 36-9-3-26 — Pension systems and retirement benefits

(a) The authority may:
(1) establish and maintain systems of pensions and retirement
benefits for the officers and employees of the authority designated
or described by resolution of the authority;
(2) fix the classifications in those systems;
(3) take the steps necessary to provide that persons eligible for
admission to the pension systems as officers and employees of
any other public transportation employer whose operations are
financed in whole or in part by the authority retain eligibility for
admission to or continued coverage and participation under Title
II of the federal Social Security Act, as amended (42 U.S.C.
sections 401-422), and the related provisions of the Federal
Insurance Contributions Act, as amended (26 U.S.C. sections
3101-3125), or the federal Railroad Retirement Act (45 U.S.C.
sections 231-231t), as amended, and the related provisions of the
Railroad Retirement Tax Act, as amended (26 U.S.C. sections
3201-3233), whichever is applicable; and
(4) provide in connection with the pension systems a system of
benefits payable to the beneficiaries and dependents of any
participant in the pension systems after that participant's death,
whether or not the death is accidental or occurs in the
performance of duty, and subject to the exceptions, conditions,
restrictions, and classifications provided by resolution of the
authority.
(b) Pension systems established by the authority may be financed or
funded in a manner that the authority finds to be economically feasible.
[Pre-Local Government Recodification Citation:
19-5-2.5-20.]
As added by Acts 1981, P.L.309, SEC.76.