Section 36-10.2-1. – Short title.

§ 36-10.2-1. Short title. This chapter shall be known and may be cited as the “Rhode Island Pension Protection Act.” History of Section.P.L. 2011, ch. 408, § 8; P.L. 2011, ch. 409, § 8.

Section 36-10.2-10. – Severability.

§ 36-10.2-10. Severability. 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. History of Section.P.L. 2011, ch. 408, § 8; P.L. 2011, ch. 409, § 8.

Section 36-10.2-2. – Purpose.

§ 36-10.2-2. Purpose. The purpose of the Rhode Island Pension Protection Act is to provide current, retired and future public employees financial retirement security by codifying procedures that will promote the sustainability and longevity of the state’s retirement systems. The act will implement a fair process to be used to facilitate needed changes in times […]

Section 36-10.2-3. – Definitions.

§ 36-10.2-3. Definitions. As used in this chapter, the following terms, unless the context requires a different interpretation, have the following meanings: (1) “Retirement board” or “board” means the retirement board of the Employees’ Retirement System of the State of Rhode Island as defined in chapter 8 of this title. (2) “Actuary” means the actuary […]

Section 36-10.2-4. – Actuarial valuation methodology.

§ 36-10.2-4. Actuarial valuation methodology. Actuarial accounting methods used by the actuary in determining the funded percentage shall be determined by the board in compliance with all applicable public pension accounting laws, rules and regulations. The actuary or the board shall not, year to year, change actuarial methods for the sole purpose of achieving a […]

Section 36-10.2-5. – Determination of endangered status.

§ 36-10.2-5. Determination of endangered status. A plan is in endangered status for a plan year if the retirement board determines, in consultation with the plan actuary, that the plan: (i) Has a funded percentage of fifty percent (50%) or less; (ii) The plan’s funded percentage has decreased for five (5) consecutive plan years. History […]

Section 36-10.2-6. – Annual certification and notice requirements.

§ 36-10.2-6. Annual certification and notice requirements. (1) Not later than November 1 of each plan year of a plan, the actuary shall certify to the board and the executive director of the retirement system whether or not a plan is in endangered status for such a plan year. (2) In any case in which […]

Section 36-10.2-7. – Funding improvement strategy procedure.

§ 36-10.2-7. Funding improvement strategy procedure. (1) In any case in which a plan is in endangered status for a plan year, except for a plan year where a plan is already in a funding improvement period and meeting its scheduled funding targets for the three (3) consecutive prior plan years, a funding improvement strategy […]

Section 36-10.2-8. – Funding improvement period.

§ 36-10.2-8. Funding improvement period. (1) The funding improvement period for any funding improvement strategy adopted pursuant to this chapter shall begin on the first day of July immediately after the adoption date of the funding improvement strategy. (2) The funding improvement period shall be a ten (10) year period unless the actuary certifies under […]

Section 36-10.2-9. – Transition period.

§ 36-10.2-9. Transition period. Effective for plan years beginning July 1, 2012, any new legislation enacted contemporaneously with this chapter that is expected to improve the funding percentage of such a plan to eighty percent (80%) or greater within a reasonable funding improvement period not to exceed twenty (20) years shall be considered to constitute […]