22-11-30.1. Educational retirement; qualified excess benefit.
91 words·~1 min read·
/nm/chapter-22-public-schools/article-11-educational-retirement/22-11-30-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The educational retirement board, by rule, may establish and maintain a qualified excess benefit arrangement under Section 415(m) of the United States Internal Revenue Code of 1986 for employees hired before July 1, 1999. The amount of annual benefit that would be payable but for the limitation imposed by Section 415 of the United States Internal Revenue Code of 1986 to an employee hired before July 1, 1999 shall be paid from a qualified excess benefit arrangement established and maintained pursuant to this section.
History: Laws 1999, ch. 274, § 1.