§ 36-8-1. Definition of terms. The following words and phrases as used in chapters 8 to 10 of this title unless a different meaning is plainly required by the context, shall have the following meanings: (1) “Accumulated contributions” shall mean the sum of all the amounts deducted from the compensation of a member and credited […]
§ 36-8-10. Accounts and statistical records — Clerical and professional assistance — Disbursements. The general treasurer, under the direction and supervision of the retirement board, shall be charged with the establishment and maintenance of such accounts and statistical records as the retirement board may require and he or she shall employ such clerical assistance as […]
§ 36-8-10.1. Payment of administrative expense of the retirement board and maintaining the retirement system — Restricted receipts account. (a) There is hereby created a restricted receipt account, under the control of the general treasurer, the proceeds of which shall be used solely to pay the expenses of the retirement board, the cost of maintaining […]
§ 36-8-11. Collection of actuarial and experience data. The retirement board shall collect and keep in convenient form such data as shall be necessary for the preparation of the mortality and service tables and for the compilation of such other information as shall be required for the actuarial valuation of the assets and liabilities of […]
§ 36-8-12. Actuarial investigations authorized by board. Immediately after his or her selection, the actuary shall make such investigation of the mortality, service, and compensation experience of the members as the retirement board shall authorize for the purpose of determining the proper tables to be prepared and submitted to the retirement board for adoption. History […]
§ 36-8-13. Periodic actuarial investigations and valuations — Adoption of tables and rates. Every year beginning with the year 1976, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the retirement system, and shall make a valuation of the assets and liabilities of the […]
§ 36-8-14. Annual valuation of assets and liabilities. On the basis of such tables as the retirement board shall adopt, the actuary shall make an annual valuation of the assets and liabilities of the funds of the system created by this chapter. History of Section.P.L. 1936, ch. 2334, § 3; G.L. 1938, ch. 18, § […]
§ 36-8-15. Custody and investment of funds. (a) All money immediately required for the payment of retirement allowances or other benefits shall be deemed to be held in a trust under the laws of the state of Rhode Island with respect to which the general treasurer is designated the trustee in accordance with § 36-8-20(b). […]
§ 36-8-16. Disposition of investment earnings. The retirement board shall credit all earned investment income from interest and dividends on investments and bank deposits during any fiscal year to the contingency reserve account. History of Section.P.L. 1936, ch. 2334, § 3; G.L. 1938, ch. 18, § 3; P.L. 1947, ch. 1971, § 2; G.L. 1956, […]
§ 36-8-17. Improper interest in investments of board. Except as herein provided, no member of the board and no employee of the board shall have any interest, direct or indirect, in the gains or profits of any investment made by the retirement board, nor as such directly or indirectly receive any pay or emolument for […]
§ 36-8-18. Severability. (a) If any provision of chapters 8 — 10 of this title, any rule, or regulation made thereunder, or the application thereof to any person or circumstance is held invalid by a court of competent jurisdiction the remainder of those chapters, rules, or regulations and the application of those provisions to other […]
§ 36-8-19. Annual audits. The auditor general shall conduct upon the request of the retirement board a separate annual performance audit of the retirement system which shall include a report on the actuarial valuation of the assets and liabilities of the retirement system. The auditor general may examine all records, files, and other documents, and […]
§ 36-8-2. Establishment of system. A retirement system is hereby established and placed under the management of the retirement board for the purpose of providing retirement allowances for employees of the state of Rhode Island under the provisions of chapters 8 — 10 of this title. The retirement system so created shall begin operation as […]
§ 36-8-20. Internal Revenue Code qualification. (a) Intent. It is intended that the retirement system satisfy the requirements of § 401(a) of the Internal Revenue Code of 1986 as amended from time to time, 26 U.S.C. § 401 (hereinafter referred to as the “code”), in form and operation, to the extent that those requirements apply […]
§ 36-8-21. Repealed. History of Section.P.L. 1995, ch. 370, art. 15, § 3; P.L. 1996, ch. 179, § 1; Repealed by P.L. 2011, ch. 363, § 28, effective July 13, 2011.
§ 36-8-3. Responsibility for administration — Rules and regulations. The general administration and the responsibility for the proper operation of the retirement system and for making effective the provisions of chapters 8 — 10 of this title are hereby vested in a retirement board. The retirement board shall, from time to time, establish rules and […]
§ 36-8-3.1. Immunity of board members. The members of the retirement board shall be immune from suit in any civil action for negligence based on any official act or statement performed or made in good faith in the course of their duties as set out in § 36-8-3. History of Section.P.L. 1987, ch. 191, § […]
§ 36-8-4. Composition of retirement board. (a) There is hereby authorized, created and established in the office of the general treasurer an independent retirement board which shall hold and administer, in trust, the funds of the retirement system in accordance with the provisions of chapters 8 — 10 of this title and shall perform such […]
§ 36-8-4.1. Fiduciary and continuing education requirements. (a) A member of the board shall discharge duties with respect to the retirement system: (1) Solely in the interest of the participants and beneficiaries; (2) For the exclusive purpose of providing benefits to participants and beneficiaries and paying reasonable expenses of administering the system; (3) With the […]
§ 36-8-5. Vacancies on board. If, for any reason whatsoever, there shall be a vacancy in the office of an appointed member of the board the appointing authority shall appoint a successor within seventy (70) days for the balance of the vacated term; provided, however, that all gubernatorial and general treasurer appointments made under this […]
