| Chapter 524 |
| 2016 -- S 2872 SUBSTITUTE A Enacted 08/11/2016 |
| A N A C T |
| RELATING TO TOWNS AND CITIES -- RETIREMENT SECURITY ACT FOR LOCALLY ADMINISTERED PENSION FUNDS |
| Introduced By: Senator Ryan W. Pearson |
| Date Introduced: March 31, 2016 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Chapter 45-65 of the General Laws entitled "Retirement Security Act for |
| Locally Administered Pension Funds" is hereby amended by adding thereto the following section: |
| 45-65-10. Oversight and report on the status of locally administered pension plans. - |
| - (a) An advisory council regarding locally administered pension plans shall be established and |
| consist of: |
| (1) The general treasurer, who shall serve as a chairperson; |
| (2) The auditor general; |
| (3) A representative of organized labor appointed by the governor; |
| (4) A representative of the Rhode Island League of Cities and Towns; and |
| (5) The director of revenue or designee who shall be from the office of municipal finance. |
| (b) On or before April 30 of each year, the advisory council shall provide to the |
| governor's office and to both chambers of the general assembly an annual report that shall include |
| a "performance dashboard" of all pension plans used by either the state and/or any municipality |
| or municipal employees, that sets forth for each plan: |
| (1) Fund performance for each plan's most recently completed and previous five (5) and |
| ten (10) fiscal years; |
| (2) The total percentage of the plan that is funded; |
| (3) The percentage of administrative costs of the fund as measured against the fund's |
| assets; |
| (4) Assumed and projected rates of return for the funds; and |
| (5) The municipality's or community's capacity to pay the municipality's required funding |
| payment as a percentage of their tax levy ratio. |
| (c) Cities and towns shall supply the information requested by the advisory council to |
| furnish this report. |
| (d) The report shall be accompanied by an opinion prepared by the general treasurer |
| regarding the sustainability of each plan and any potential areas of concern. |
| SECTION 2. This act shall take effect upon passage. |
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| LC005512/SUB A |
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