The general assembly finds and declares that the establishment of statewide actuarial standards regarding funded and unfunded liabilities of state-assisted old hire police officers’ and firefighters’ pension funds established pursuant to this article is a matter of statewide concern affected with a public interest, and the provisions of this part 3 are enacted in the […]
As used in this part 3, unless the context otherwise requires: “Commission” means the pension review commission established pursuant to section 24-51.1-101. “Employee” means any old hire firefighter, except any volunteer firefighter, or old hire police officer employed by an employer who is eligible for the benefits provided pursuant to this article. “Employer” means any […]
On and after January 1, 1982, every state-assisted old hire police officers’ or firefighters’ pension plan created pursuant to this article shall be financed in accordance with minimum funding standards prescribed in this part 3. Contributions made pursuant to this section include municipal, special district, and county improvement district contributions, the established employee contribution, and […]
It is the intention of the general assembly that the minimum funding standards established by this part 3 shall not enlarge nor diminish the obligation of municipalities and fire protection districts to their employees for pension benefits provided pursuant to this article. Source: L. 96: Entire article added with relocations, p. 873, § 1, effective […]
An actuarial study of each old hire police officers’ and firefighters’ pension fund administered by the association shall be conducted not later than July 1, 2014, and an updated actuarial study shall be conducted by the association every two years thereafter until the plan is terminated. The association shall designate actuaries or firms of actuaries […]
(Deleted by amendment, L. 2014.) Each employer having rank escalation and having old hire members shall determine for each such employee the percentage that such employee’s years served as of January 1, 1980, bear to the total number of years required for retirement. At retirement, the retirement pension shall be divided into that percentage and […]
