(1)  Every municipality that maintains a locally administered plan shall submit its initial annual actuarial valuation study to the study commission created herein under § 45-64-8 on or before April 1, 2012, and for each plan year ending on or after December 31, 2012, within six (6) months of completing such plan year. The initial actuarial experience study shall be submitted to the study commission on or before April 1, 2012, and subsequent actuarial experience studies must be submitted to the study commission no less frequently than once every three (3) years.

Terms Used In Rhode Island General Laws 45-65-6

  • Actuarial experience study: means a report provided by an actuary that includes a recent discussion of plan experience, recommendations for actuarial assumptions and methods, and information about the actuarial impact of these recommendations on the liabilities and other key actuarial measures. See Rhode Island General Laws 45-65-4
  • Annual actuarial valuation study: means a valuation of a locally administered plan completed by an actuary, and a certification based on that valuation indicating whether such plan is or is not in critical status, on an annual basis. See Rhode Island General Laws 45-65-4
  • Critical status: means that, as determined by its actuary, as of the beginning of the plan year, a plan's funded percentage for such plan year is less than sixty percent (60%). See Rhode Island General Laws 45-65-4
  • 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

(2)  In any case in which an actuary certifies that a locally administered plan is in critical status for a plan year, the municipality administering such a plan shall, not later than thirty (30) business days following the certification, provide notification of the critical status to the participants and beneficiaries of the plan and to the general assembly, the governor, the general treasurer, the director of revenue, and the auditor general. The notification shall also be posted electronically on the general treasurer’s website. Within one hundred eighty (180) days of sending the critical status notice, the municipality shall submit to the study commission a reasonable alternative funding improvement plan to emerge from critical status.

(3)  The state shall reimburse every municipality for fifty percent (50%) of the cost of undertaking its annual actuarial valuation study, which is due on April 1, 2012.

(4)  Notwithstanding any other law to the contrary, the funding improvement plans and actuarial valuation studies submitted pursuant to this section shall be public records.

History of Section.
P.L. 2011, ch. 408, § 22; P.L. 2011, ch. 409, § 22; P.L. 2012, ch. 241, art. 16, § 3.