Any agency of the state and any county, county hospital, city or town, substate planning district and any public or private trust in which the state or a county, city or town participates or is the primary beneficiary and which is not funded by state appropriations or eligible for participation or participating in any state retirement system, by action of its governing body, may agree to provide for discretionary contributions in each calendar year to the Individual Retirement Accounts or Individual Retirement Annuities (IRA) of all eligible employees as such standards of eligibility may be determined by the governing body. The standards of eligibility and other characteristics of the Separate Employee Pension Plan (SEP) adopted or to be adopted by the governing body shall conform to the requirements of the Federal Internal Revenue Code and the rules and regulations promulgated thereunder, all as interpreted and administered both now and in the future, by the Internal Revenue Service, which pertain to Simplified Employee Pension Plans and Individual Retirement Accounts Contribution Agreements as previously provided for under Section 308(k) of the Internal Revenue Code, and all future amendments, supplements, and substitutions thereto.
Added by Laws 1986, c. 238, § 9, operative July 1, 1986.