Rhode Island General Laws 36-13-5. Annuity and insurance contracts
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Notwithstanding any other provision of law to the contrary, those persons designated to administer the deferred compensation program are hereby authorized to make payments for the purchase of government securities, mutual funds, fixed or variable life insurance, or annuity contracts under the deferred compensation program. The payments shall not be construed to be a prohibited use of the general assets of the state, county, city, or other political subdivision.
History of Section.
P.L. 1975, ch. 34, § 1; P.L. 1982, ch. 447, § 1; P.L. 1995, ch. 182, § 1; P.L. 1995, ch. 225, § 1.
Terms Used In Rhode Island General Laws 36-13-5
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.