§ 9-3-435 — Scope

(a) This act applies to all retirement programs and
retirement systems, except:
(i) A retirement program that is unfunded and is
maintained by a public employer solely for the purpose of
providing deferred compensation for a select group of management
employees or employees who rank in the top five percent (5%) of
employees of that employer based on compensation;
(ii) A severance-pay arrangement under which:
(A) Payments are made solely on account of the
termination of an employee's service and are not contingent upon
the employee's retiring;
(B) The total amount of the payments does not
exceed the equivalent of twice the employee's total earnings
from the public employer during the year immediately preceding
the termination of service; and
(C) All payments are completed within twenty-
four (24) months after the termination of service.
(iii) An arrangement or payment made on behalf of an
employee because the employee is covered by Title II of the
Social Security Act, as amended (42 U.S.C. Section 401 et seq.);
(iv) A qualified governmental excess benefit
arrangement within the meaning of section 415(m) of the code;
(v) An individual retirement account or individual
retirement annuity within the meaning of section 408 of the
code;
(vi) A retirement program consisting solely of
annuity contracts or custodial accounts satisfying the
requirements of section 403(b) of the code; or
(vii) A program maintained solely for the purpose of
complying with workers' compensation laws or disability
insurance laws.