§ 8-10-5-6.5 — Retirement plans for port authority railroad employees

Indiana § 8-10-5-6.5

• Jurisdiction: Indiana
• Art. 10: PORTS
• Ch. 5: Creation of Port Authorities by Local Governments

Text

5. (a) A port authority operating a railroad
under this chapter may establish a retirement plan for the benefit of the
port authority's railroad employees and past railroad employees who are
not members of the public employees' retirement fund.
(b) If a port authority establishes a retirement plan under subsection
(a), the port authority may do the following:
(1) Provide for the method, manner, and amount of contributions
by the:
(A) port authority out of the port authority's railroad revenues
or reserves; and
(B) railroad employees of the port authority, if required by the
retirement plan.
(2) Create an account for the retirement plan and allocate to the
account contributions sufficient to establish the retirement plan on
a sound actuarial basis, including contributions for past services
of employees.
(c) A retirement plan established under subsection (a) may not
require contributions from an employee that exceed six percent (6%)
of the employee's wages or salary.

Legislative History

As added by P.L.16-1998, SEC.1.