Rhode Island § 45-65-4 - Retirement Security Act for Locally Administered Pension Funds

§ 45-65-4. Definitions.

As used in this chapter the following terms shall have the following meanings:

(1) “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.

(2) “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.

(3) “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%).

(4) “Locally administered plan” or “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.

(5) “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.