19-20-106. Retaining qualified plan status -- board rulemaking authority. If a provision in this chapter conflicts with a qualification requirement in section 401 of the Internal Revenue Code applicable to public retirement systems and consequent federal administrative regulations, the provision is either ineffective or must be interpreted to conform to the federal qualification requirements and allow the system to retain tax-deferred status. The board may adopt rules to implement this section.

     History: En. Sec. 3, Ch. 442, L. 1997.