| (a) Effective January 1, 2008, a municipality may make
deposits in excess of its actuarially required contribution to its
account in the benefit accumulation fund. The deposit may be in the
form of a lump sum payment or periodic payments. All funds deposited
in a municipality's account in the benefit accumulation fund are held
in trust by the retirement system and cannot be returned to the municipality.
(b) The retirement system retains the right to not
accept a payment if, in the opinion of the director, acceptance of
the payment would result in an unreasonable administrative or investment
burden. A decision by the director to not accept a contribution may
be appealed to the board of trustees.
(c) A contribution made in accordance with this section
is not subject to the maximum contribution rules under §855.407
and §855.501 of the Act.
(d) The retirement system may adopt reasonable policies
and procedures to administer this section.
|
