General Retirement System Law and Legal Definition

According to 26 USCS § 3121 [Title 26. Internal Revenue Code; Subtitle C. Employment Taxes And Collection Of Income Tax; Chapter 21. Federal insurance contributions act; Subchapter C. General Provisions], the term "general retirement system" means "any pension, annuity, retirement, or similar fund or system established by a State or by a political subdivision thereof for employees of the State, political subdivision, or both; but such term shall not include such a fund or system which covers only service performed in positions connected with the operation of its public transportation system."