Rhode Island General Laws 45-21-44. Guaranties by municipalities – Adjustment of contribution rates
Regular interest requirements, and the maintenance of reserves in accordance with the provisions of this chapter, are guaranteed by the respective participating municipalities, which guaranty extends only to their proportionate interests in the retirement system as determined upon the basis of the liabilities for the several benefits on account of the participating members from each municipality. Adjustment shall be made at least once every five (5) years, as provided in this chapter, in the applicable contribution rates for the municipalities for any regular interest or reserve requirements, or for any amounts above statutory requirements, as determined by actuarial valuation, in accordance with the provisions of this chapter.
History of Section.
P.L. 1951, ch. 2784, § 15; G.L. 1956, § 45-21-44.
Terms Used In Rhode Island General Laws 45-21-44
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Municipality: means any town or city in the state of Rhode Island, any city or town housing authority, fire, water, sewer district, regional school district, public building authority as established by chapter 14 of Title 37, or any other municipal financed agency to which the retirement board has approved admission in the retirement system. See Rhode Island General Laws 45-21-2
- Regular interest: means interest at the assumed investment rate of return, compounded annually, as may be prescribed from time to time by the retirement board. See Rhode Island General Laws 45-21-2
- Retirement system: means the "municipal employees' retirement system of the state of Rhode Island" as defined in §?45-21-32. See Rhode Island General Laws 45-21-2