(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.
(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.