Rhode Island § 45-65-6 - Retirement Security Act for Locally Administered Pension Funds

§ 45-65-6. Certification and notice requirements.

(a) Every municipality that maintains a locally administered plan shall submit its initial annual actuarial valuation study to the study commission created herein under § 45-65-8 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 advisory council no less frequently than once every three (3) years, with the first actuarial experience study to be submitted no later than January 1, 2025.

(b) 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.

(c) 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.

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