TITLE 36
Public Officers and Employees

CHAPTER 36-10.3
Defined Contribution Retirement Plan

SECTION 36-10.3-5


§ 36-10.3-5 Employer contributions.

(1) An employer shall contribute to each regular member's individual account the following amounts:

(i) For members with fewer then ten (10) years of total service as of June 30, 2012, an amount equal to one percent (1%) of the member's compensation at the end of each payroll period from July 1 to the following June 30;

(ii) For members with ten (10) or more, but fewer than fifteen (15) years of total service as of June 30, 2012, an amount equal to one percent (1%) of the member's compensation at the end of each payroll period from July 1, 2012 through June 30, 2015, and effective July 1, 2015, an amount equal to one and one-quarter percent (1.25%) of the member's compensation at the end of each payroll period; and

(iii) For members with fifteen (15) or more, but fewer than twenty (20) years of total service as of June 30, 2012, an amount equal to one percent (1%) of the member's compensation at the end of each payroll period from July 1, 2012 through June 30, 2015, and effective July 1, 2015, an amount equal to one and one-half percent (1.5%) of the member's compensation at the end of each payroll period from July 1 to the following June 30.

(2) An employer shall contribute to the individual account of each public safety member, not participating in Social Security under the Federal Old Age, Survivors and Disability Income program, an amount equal to three percent (3%) of the member's compensation from July 1 to the following June 30.

(3) Contributions by supplemental employers shall be governed by § 36-10.3-6.

History of Section.
(P.L. 2011, ch. 408, § 9; P.L. 2011, ch. 409, § 9; P.L. 2015, ch. 141, art. 21, § 9.)