Purpose
This account is created in General Revenue as a separate, nonqualified unfunded excess benefit arrangement outside the trust fund of the Employees Retirement System. The arrangement will be administered under Section 415(m) of the Internal Revenue Code of 1986 (26 U.S.C.) to pay annuitant benefits that exceed the benefit limit imposed by Section 415(b)(1)(A) of the Internal Revenue Code of 1986 (26 U.S.C.). In lieu of deposit to the state contribution account, an amount of state contributions determined by the retirement system necessary to pay benefits will be credited to this account monthly at least 15 days before the date of a monthly disbursement.
