There is assessed upon every employer who or that ceases to operate a place of employment within this state a tax that shall be equal to the total amount of nonvested pension benefits of those employees of the employer who have completed fifteen (15) years of covered service under the pension plan of the employer and whose employment was or will be terminated because of the employer’s ceasing to operate a place of employment within this state, and, whose nonvested pension benefits have been or will be forfeited because of that termination of employment, less the amount of those nonvested pension benefits that are compromised or settled to the satisfaction of the director as provided in this chapter.

History of Section.
P.L. 1974, ch. 295, § 1.