Section 36-12.1-1. – Name of act.
§ 36-12.1-1. Name of act. This act shall be known as the “Health Insurance and Benefits Funding Act”. History of Section.P.L. 2008, ch. 9, art. 4, § 3.
Section 36-12.1-10. – Votes of board — Record of proceedings.
§ 36-12.1-10. Votes of board — Record of proceedings. Each member of the board shall be entitled to one vote in the board and a majority of all the votes of the entire board shall be necessary for a decision of the board. The board shall keep a record of all the proceedings which shall […]
Section 36-12.1-11. – Reimbursement of board members.
§ 36-12.1-11. Reimbursement of board members. Members of the board shall serve without compensation but shall be reimbursed for any necessary expenditures and no employee shall suffer any loss of salary or wages through serving upon the board. History of Section.P.L. 2008, ch. 9, art. 4, § 3.
Section 36-12.1-12. – Annual report and statement.
§ 36-12.1-12. Annual report and statement. The OPEB Board shall submit to the governor for transmittal to the general assembly, on or before the first day of October in each year beginning in 2011, an annual report showing the financial transactions of the system for the fiscal year of the state next preceding said date. […]
Section 36-12.1-13. – Executive officers and secretary.
§ 36-12.1-13. Executive officers and secretary. (a) The Board shall elect a Chairperson and Secretary. Moreover, the State Controller shall serve as the Treasurer. (b) Any negotiated agreement entered into after July 1, 2010, between any state or municipal agency or department and an employee or employees, whose conditions are contrary to the general laws […]
Section 36-12.1-14. – Accounts and statistical records — Clerical and professional assistance — Disbursements.
§ 36-12.1-14. Accounts and statistical records — Clerical and professional assistance — Disbursements. The State Controller, under the direction and supervision of the OPEB Board, shall be charged with the establishment and maintenance of such accounts and statistical records as the OPEB Board may require and he or she shall employ such clerical assistance as […]
Section 36-12.1-15. – Payment of administrative expenses of the OPEB board and maintaining the OPEB system — Restricted receipts account.
§ 36-12.1-15. Payment of administrative expenses of the OPEB board and maintaining the OPEB system — Restricted receipts account. (a) There is hereby created within the general fund a restricted receipt account entitled the “OPEB system restricted receipt account”, the proceeds of which shall be used solely to pay the expenses of the OPEB Board, […]
Section 36-12.1-16. – Collection of actuarial and experience data.
§ 36-12.1-16. Collection of actuarial and experience data. The General Treasurer and the state Retirement System, 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 […]
Section 36-12.1-17. – Actuarial investigations authorized by board.
§ 36-12.1-17. 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 OPEB Board shall authorize for the purpose of determining the proper tables to be prepared and submitted to the OPEB Board for adoption. History […]
Section 36-12.1-18. – Periodic actuarial investigations and valuations.
§ 36-12.1-18. Periodic actuarial investigations and valuations. (a) Every two years beginning with fiscal year 2012 on a schedule in accordance with generally accepted accounting principles, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the OPEB System, and shall make a valuation of […]
Section 36-12.1-19. – State contributions.
§ 36-12.1-19. State contributions. (a) The State of Rhode Island shall make its contribution for the maintenance of the system, including the proper and timely payment of benefits, by annually appropriating an amount equal to a percentage of the total compensation paid to the active membership and teacher payroll base. The percentage shall be computed […]
Section 36-12.1-2. – Statement of purpose.
§ 36-12.1-2. Statement of purpose. The purpose of the Health Insurance and Benefits Funding Act is to address the necessity of funding the State’s unfunded liability for retiree health care benefits required by recent accounting changes and prudent resource management. History of Section.P.L. 2008, ch. 9, art. 4, § 3.
Section 36-12.1-20. – Establishment of OPEB trust funds.
§ 36-12.1-20. Establishment of OPEB trust funds. The OPEB Board shall establish one or more trust funds and/or sub trusts to hold the assets of the OPEB System, to be known as the Rhode Island OPEB System Trust. Title and legal ownership of all assets of the OPEB System shall be in the name of […]
Section 36-12.1-21. – Custody and investment of funds.
§ 36-12.1-21. Custody and investment of funds. (a) All money immediately required for the payment of OPEB Benefits shall be invested only in accordance with the written objectives and guidelines established by the state investment commission pursuant to the provisions of chapter 10 of title 35 and other applicable law. (b) All money not immediately […]
Section 36-12.1-22. – Disposition of investment earnings.
§ 36-12.1-22. Disposition of investment earnings. The OPEB Board shall credit all earned investment income from interest and dividends on investments and bank deposits during any fiscal year to the Rhode Island OPEB System Trust. History of Section.P.L. 2008, ch. 9, art. 4, § 3.
Section 36-12.1-23. – Improper interest in investments of board.
§ 36-12.1-23. Improper interest in investments of board. Except as herein provided, no member of the OPEB Board and no employee of the OPEB Board shall have any interest, direct or indirect, in the gains or profits of any investment made by the OPEB Board, nor as such directly or indirectly receive any pay or […]
Section 36-12.1-24. – Payment of OPEB benefits.
§ 36-12.1-24. Payment of OPEB benefits. All OPEB Benefits shall be paid from the Rhode Island OPEB System Trust, subject to the oversight and approval of the OPEB Board. History of Section.P.L. 2008, ch. 9, art. 4, § 3.
Section 36-12.1-25. – Annual audits.
§ 36-12.1-25. Annual audits. The auditor general shall conduct upon the request of the OPEB Board a separate annual performance audit of the OPEB System which shall include a report on the actuarial valuation of the assets and liabilities of the OPEB System. The auditor general may examine all records, files, and other documents, and […]
Section 36-12.1-26. – Internal revenue code qualification.
§ 36-12.1-26. Internal revenue code qualification. (a) Intent. It is intended that the OPEB System and the Rhode Island OPEB System Trust satisfy the requirements of § 115 or § 501(c)(9) of the Internal Revenue Code of 1986 as amended from time to time, 26 U.S.C. §§ 115, 501(c)(9) -, (hereinafter referred to as the […]
Section 36-12.1-27. – Severability.
§ 36-12.1-27. Severability. (a) If any provision of this chapter 36-12.1 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 this chapter, rules, or regulations and the application of those provisions to other persons […]