Chapter 406

2011 -- S 0961 AS AMENDED

Enacted 07/13/11

A N A C T

RELATING TO GENERAL ASSEMBLY - ACTUARIAL COST

Introduced By: Senator Daniel DaPonte

Date Introduced: May 12, 2011

It is enacted by the General Assembly as follows:

SECTION 1. Section 22-12.1-1 of the General Laws in Chapter 22-12.1 entitled

"Actuarial Cost" is hereby amended to read as follows:

22-12.1-1. Actuarial cost required. -- (a) Proposed legislation which directly impacts

the retirement system can potentially affect the benefits of all plan participants and beneficiaries.

Since it is in the best interests of plan participants and beneficiaries to determine the financial

consequences of any proposed legislation which would directly impact the state's liability to the

retirement system, no committee shall recommend passage of any bill or resolution having an

effect on contributions, benefits and retirement allowances of the retirement system pursuant to

the provisions of chapters 8 -- 10 of title 36, unless the bill or resolution shall be accompanied by

a statement which shall set forth the full actuarial costs or full actuarial value, as those terms are

defined in section 36-8-1.

      (b) These statements or notes shall be known as "pension impact notes," and they shall

accompany each such bill or resolution prior to consideration of the house in which the bill or

resolution originated. The reasonable cost of preparing pension impact notes shall be charged as

an administrative expense and paid from the retirement system's restricted receipts account

established pursuant to section 36-8-10.1. Only the chair of the senate committee on finance with

the approval of the president of the senate can request a pension impact note on proposed

legislation that originates in the senate. Only the chair of the house committee on finance with the

approval of the speaker of the house can request a pension impact note on proposed legislation

that originates in the house. The governor can request a pension impact note on proposed

legislation recommended in the appropriation acts required by sections 35-3-7 or 35-3-8.

(c)(1) Notwithstanding the foregoing, the chair of the senate committee on finance and/or

the house committee on finance, with approval of the president of the senate or the speaker of the

house of representatives respectively, may request a pension impact note relating to any proposed

impact upon the state's liability to the retirement system regardless of the existence of related

proposed legislation.

(2) The reasonable cost of preparing pension impact notes which are not related to

existing proposed legislation shall be paid from the annual appropriation for the joint committee

on legislative services.

(d)(1) The director of the department of administration, with approval of the governor,

may request a pension impact note.

(2) The reasonable cost of preparing impact notes which are not related to existing

proposed legislation shall be paid from the annual appropriation for the department of

administration budget.

SECTION 2. This act shall take effect upon passage.

=======

LC02630

=======