Section 28-46-1. – Short title.

§ 28-46-1. Short title. This chapter shall be known and may be cited as the “Private Nonvested Pension Benefits Protection Tax Act.” History of Section.P.L. 1974, ch. 295, § 1.

Section 28-46-10. – Rules and regulations of director.

§ 28-46-10. Rules and regulations of director. The director may promulgate rules and regulations to provide for the efficient administration of the provisions of this chapter applicable to him or her, or to clarify those provisions as may be necessary to effectuate the purposes of this chapter. The director may use the facilities and personnel […]

Section 28-46-11. – Rules and regulations of the tax administrator.

§ 28-46-11. Rules and regulations of the tax administrator. The tax administrator is authorized to promulgate rules and regulations for the assessment and collection of the tax imposed by this chapter. History of Section.P.L. 1974, ch. 295, § 1.

Section 28-46-12. – Funds not to be attached.

§ 28-46-12. Funds not to be attached. The funds of any employer that are set aside or reserved for benefits under a pension plan of the employer to which employees have a vested right shall not be liable to be seized or taken by virtue of any execution or civil process whatever, issued out of […]

Section 28-46-2. – Definitions.

§ 28-46-2. Definitions. As used in this chapter: (1) “Accrued portion of the normal retirement benefit” means the amount of benefit credited by the employer to the account of an employee participating in a pension plan, or where there is no credit, that portion of the normal retirement benefit to which the director determines actuarially […]

Section 28-46-3. – Employer tax.

§ 28-46-3. Employer tax. There is assessed upon every employer who or that ceases to operate a place of employment within this state a tax that shall be equal to the total amount of nonvested pension benefits of those employees of the employer who have completed fifteen (15) years of covered service under the pension […]

Section 28-46-4. – Employer’s notice of intent to cease operations.

§ 28-46-4. Employer’s notice of intent to cease operations. Any employer who or that intends to cease to operate a place of employment within this state shall notify the director of that intention not later than six (6) months prior to the date the employer intends to cease to operate its place of employment. History […]

Section 28-46-5. – Investigation by director.

§ 28-46-5. Investigation by director. Upon receipt of notification, or upon his or her own initiative when that notification is not given as required, the director shall cause an investigation to be made of the employer to determine the number of employees who have completed fifteen (15) years of covered service under the pension plan […]

Section 28-46-6. – Compromising nonvested pension benefits.

§ 28-46-6. Compromising nonvested pension benefits. (a) As part of the investigation of an employer, the director shall determine the amount of nonvested pension benefits that have been compromised or settled to his or her satisfaction. (b) Nonvested pension benefits may be compromised or settled by: (1) Agreement between the employer and employee that is […]

Section 28-46-7. – Tax liability and lien.

§ 28-46-7. Tax liability and lien. After the investigation of the employer, the director shall certify to the tax administrator the total amount of nonvested pension benefits that are includable in determining an employer’s tax liability under this chapter and the amount of those benefits that have been compromised or settled to the satisfaction of […]

Section 28-46-8. – Employee claims.

§ 28-46-8. Employee claims. The director shall maintain a separate record of each employee of an employer taxed under this chapter who had completed fifteen (15) years of covered service under the pension plan of the employer and whose employment was terminated because of the employer’s ceasing to operate a place of employment within this […]

Section 28-46-9. – Termination of employees.

§ 28-46-9. Termination of employees. For the purposes of this chapter, the employment of any employee terminated within one year, or within any longer period as prescribed by the director when he or she determines that an employer is attempting to evade the provisions of this chapter, of the date an employer ceases to operate […]