Terms Used In Rhode Island General Laws > Chapter 45-65 - Retirement Security Act for Locally Administered Pension Funds

• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Chambers: A judge's office.
• 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
• 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 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
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8