Rhode Island General Laws 36-10.3-6. Supplemental employer and member contributions
(a) A supplemental member shall contribute to the member’s individual account an amount equal to two percent (2%) of the member’s compensation from July 1 to the following June 30 in addition to the requirements of § 36-10.3-4. For these members, a supplemental employer shall contribute to the member’s individual account an amount equal to two percent (2%) of the member’s compensation from July 1 to the following June 30 in addition to the requirements of § 36-10.3-5.
Terms Used In Rhode Island General Laws 36-10.3-6
- commission: means the state investment commission as defined in § 35-10-1. See Rhode Island General Laws 36-10.3-1
- Compensation: means compensation as defined in § 36-8-1(8). See Rhode Island General Laws 36-10.3-1
- Employee: means an employee as defined in §§ 36-8-1(9) and 45-21-2(7) and a teacher as defined in § 16-16-1(12), effective July 1, 2012; provided however, effective July 1, 2015, "employee" shall not include any employee with twenty (20) or more years of total service as of June 30, 2012, in the employees retirement system under chapters 8 through 10 of title 36 or chapter 16 of Title 16 (ERS), or the municipal employees retirement system under chapter 21 of Title 45 (MERS). See Rhode Island General Laws 36-10.3-1
- Employer: means the State of Rhode Island or the local municipality which employs a member of the Employees Retirement System under chapters 8 through 10 of title 36 or chapter 16 of Title 16 (ERS) or the Municipal Employees Retirement System under chapters 21 and 21. See Rhode Island General Laws 36-10.3-1
- Supplemental employer: includes any employer that provides supplemental contributions to the defined contribution retirement plan as provided in Rhode Island General Laws 36-10.3-1
(b) A supplemental employer may request a different level of supplemental member contributions and supplemental employer contributions subject to the approval of the state investment commission.
(c) The contributions shall be transmitted on the date contributions are withheld but no later than three (3) business days following the pay period ending in which contributions were withheld and every employer is required to deduct and withhold member supplemental contributions and to transmit same to the retirement system and is hereby made liable for the contribution. In addition, any amount of employee contributions actually deducted and withheld shall be deemed to be a special fund in trust for the benefit of the member and shall be transmitted to the retirement system as set forth herein.
History of Section.
P.L. 2011, ch. 408, § 9; P.L. 2011, ch. 409, § 9; P.L. 2019, ch. 205, § 7; P.L. 2019, ch. 271, § 7.