47-5-42. Provisions of contracts and plans.

Each member employer that has adopted a plan for the provision of retirement benefits or employee benefits under Code Section 47-5-40 is authorized in its plan and contract to include such provisions as are necessary for the development of a suitable plan, which provisions shall be subject to the approval of the board of trustees, including, but not limited to, the following:#

1. (1)

   Minimum age at entry into its plan;#

2. (2)

   Minimum years of service at entry into its plan;#

3. (3)

   Maximum years of service credit allowable;#

4. (4)

   Provisions relating to separation and return to employment;#

5. (5)

   Types of benefits to be provided;#

6. (6)

   Types of vesting provisions, if any, to be provided;#

7. (7)

   Types of disability retirement provisions, if any, to be provided;#

8. (8)

   Minimum years of required participation in the plan;#

9. (9)

   Provisions relating to benefits for part-time employment; and#

10. (10)

    Any other provisions necessary, incidental, or helpful in providing the intended benefits.#

The board of trustees is authorized to reject any contract provision which it determines to be actuarially unsound or which it determines would create an undue administrative burden.#