1. (a) A port authority operating a railroad under this chapter may establish a retirement plan for the benefit of the port authority's railroad employees and past railroad employees who are not members of the public employees' retirement fund.

2. (b) If a port authority establishes a retirement plan under subsection (a), the port authority may do the following:

   1. (1) Provide for the method, manner, and amount of contributions by the:

      1. (A) port authority out of the port authority's railroad revenues or reserves; and
      2. (B) railroad employees of the port authority, if required by the retirement plan.
   2. (2) Create an account for the retirement plan and allocate to the account contributions sufficient to establish the retirement plan on a sound actuarial basis, including contributions for past services of employees.
3. (c) A retirement plan established under subsection (a) may not require contributions from an employee that exceed six percent (6%) of the employee's wages or salary.

As added by P.L.16-1998, SEC.1.