§ 45-65-1. Short title. This chapter shall be known as and may be cited as the “Pathway to Retirement Security for Locally Administered Pension Funds Act.” History of Section.P.L. 2011, ch. 408, § 22; P.L. 2011, ch. 409, § 22.
§ 45-65-10. Oversight and report on the status of locally administered pension plans. (a) An advisory council regarding locally administered pension plans shall be established and consist of: (1) The general treasurer, who shall serve as a chairperson; (2) The auditor general; (3) A representative of organized labor appointed by the governor; (4) A representative […]
§ 45-65-2. Purpose. The purpose of this chapter is to provide retirement security to current and retired municipal employees by codifying standards to promote the sustainability and longevity of pension plans established and administered by municipalities. History of Section.P.L. 2011, ch. 408, § 22; P.L. 2011, ch. 409, § 22.
§ 45-65-3. Legislative findings. It is the intention of the general assembly to begin the process of ensuring the sustainability of locally administered pension plans and to advance and maintain the long-term stability of such plans. The general assembly finds and declares that: (1) Rhode Island law authorizes and empowers municipalities to administer their own […]
§ 45-65-4. Definitions. As used in this chapter the following terms shall have the following meanings: (1) “Actuarial experience study” means a report provided by an actuary that includes a recent discussion of plan experience, recommendations for actuarial assumptions and methods, and information about the actuarial impact of these recommendations on the liabilities and other […]
§ 45-65-5. Actuarial valuation methodology. Actuarial methods used by the actuary in preparing an actuarial experience study or annual actuarial valuation shall be in compliance with accepted actuarial standards and applicable public pension accounting laws, rules and regulations. The actuary shall not, year to year, change actuarial methods for the sole purpose of achieving a […]
§ 45-65-6. Certification and notice requirements. (1) Every municipality that maintains a locally administered plan shall submit its initial annual actuarial valuation study to the study commission created herein under § 45-64-8 on or before April 1, 2012, and for each plan year ending on or after December 31, 2012, within six (6) months of […]
§ 45-65-7. Failure to comply. (1) With respect to any municipality that fails to comply with the requirements of this chapter within the prescribed time, the general treasurer is authorized to withhold moneys due to the municipality from the state for any purpose other than education, including, but not limited to, municipal aid and other […]
§ 45-65-8. Study commission. A study commission for locally administered plans shall be established to review existing legislation and pension plan administrative practices and to make recommendations for the improved security and funding of locally administered plans and other post-retirement benefit obligations of cities and towns. The commission shall consist of fourteen (14) members: the […]
§ 45-65-9. Severability — Indispensable party. The holding of any section or sections or parts hereof to be void, ineffective, or unconstitutional for any cause shall not be deemed to affect any other section or part hereof. The state shall be an indispensable party in any action contesting the validity of this chapter. History of […]
