(a)  An advisory council regarding locally administered pension plans shall be established and consist of:

(1)  The general treasurer, who shall serve as a chairperson;

(2)  The auditor general;

(3)  A representative of organized labor appointed by the governor;

(4)  A representative of the Rhode Island League of Cities and Towns; and

(5)  The director of revenue or designee who shall be from the office of municipal finance.

Terms Used In Rhode Island General Laws 45-65-10

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Chambers: A judge's office.
  • 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 or public building authority as established by chapter 14 of Title 37. See Rhode Island General Laws 45-65-4
  • plan: means any defined benefit pension plan established by a municipality for its employees, other than: (a) A plan that is part of the Employees' Retirement System of Rhode Island as defined in chapter 8 of Title 36 or the Municipal Employees' Retirement System of Rhode Island as defined in chapter 21 of this title; or (b) A plan established by a municipality that has filed for bankruptcy protection pursuant to chapter 9 of Title 11 of the United States Code, a plan established by a municipality for which a receiver has been appointed pursuant to chapter 9 of this title or a plan established by a municipality for which a fiscal overseer has been appointed pursuant to chapter 9 of this title. See Rhode Island General Laws 45-65-4

(b)  On or before April 30 of each year, the advisory council shall provide to the governor’s office and to both chambers of the general assembly an annual report that shall include a “performance dashboard” of all pension plans used by either the state and/or any municipality or municipal employees, that sets forth for each plan:

(1)  Fund performance for each plan’s most recently completed and previous five (5) and ten (10) fiscal years;

(2)  The total percentage of the plan that is funded;

(3)  The percentage of administrative costs of the fund as measured against the fund’s assets;

(4)  Assumed and projected rates of return for the funds; and

(5)  The municipality’s or community’s capacity to pay the municipality’s required funding payment as a percentage of their tax levy ratio.

(c)  Cities and towns shall supply the information requested by the advisory council to furnish this report.

(d)  The report shall be accompanied by an opinion prepared by the general treasurer regarding the sustainability of each plan and any potential areas of concern.

History of Section.
P.L. 2016, ch. 524, § 1.