Rhode Island General Laws 36-10.2-5. Determination of endangered status
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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 of Section.
P.L. 2011, ch. 408, § 8; P.L. 2011, ch. 409, § 8.
Terms Used In Rhode Island General Laws 36-10.2-5
- Actuary: means the actuary selected from time to time and employed by the board in accordance with chapter 8 of this title. See Rhode Island General Laws 36-10.2-3
- board: means the retirement board of the Employees' Retirement System of the State of Rhode Island as defined in chapter 8 of this title. See Rhode Island General Laws 36-10.2-3
- Funded percentage: means the percentage equal to a fraction- the numerator of which is the actuarial value of the plan's assets, as determined by the actuary, and the denominator of which is the accrued liability of the plan, determined by the actuary using actuarial assumptions approved by the board. See Rhode Island General Laws 36-10.2-3