As Amended
SEC. 25-11-309. Retirement allowance under plan.
(1) The retirement allowance from the Supplemental Legislative Retirement Plan shall consist of fifty percent (50%) of an amount equal to the retirement allowance determined by creditable service as an elected Senator or Representative of the State Legislature or as President of the Senate payable by the Public Employees' Retirement System in accordance with Section 25-11-101 et seq. * * *
(2) The percentage of the retirement allowance as provided in this section shall be transferred from the annuity savings account of the member and the employer accumulation account in the Supplemental Legislative Retirement Plan to the retirement account of the member in the Public Employees' Retirement System as provided.
(3) Notwithstanding any provisions of this section or this title to the contrary, the maximum annual retirement allowance attributable to the employer contributions payable under the Supplemental Legislative Retirement Plan to a member shall be subject to the limitations set forth in Section 415 of the Internal Revenue Code and any regulations issued thereunder applicable to governmental plans as such term is defined under Section 414(d) of the Internal Revenue Code.
SOURCES: Laws, 1989, ch. 303, Sec. 7, eff from and after July 1, 1989. Amended by Laws 2000, Ch. 628, Sec. 20, HB1281; Laws, 2002, ch. 627, § 15, HB 1148, eff from and after July 1, 2002.
PREVIOUS VERSIONS: Pre-2002.