| Chapter 412 |
| 2017 -- S 0571 SUBSTITUTE A Enacted 10/05/2017 |
| A N A C T |
| RELATING TO EDUCATION -- TEACHERS' RETIREMENT BENEFITS |
| Introduced By: Senator Daniel DaPonte |
| Date Introduced: March 15, 2017 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 16-16-26 of the General Laws in Chapter 16-16 entitled "Teachers' |
| Retirement [See Title 16 Chapter 97 - The Rhode Island Board of Education Act]" is hereby |
| amended to read as follows: |
| 16-16-26. Spouse's or domestic partner's benefits. -- (a) Spouse's and domestic |
| partner's benefits are payable following the decease of a member as provided in §§ 16-16-25 |
| through-16-16-38. (b) The spouse or domestic partner shall be entitled to benefits upon attaining |
| the age of sixty (60) years. (c) The spouse or domestic partner was living with the deceased |
| member at the time of the member's death. A spouse or domestic partner is deemed to have been |
| living with the deceased member if they were both members of the same household on the date of |
| the deceased member's death, or the spouse or domestic partner was receiving regular |
| contributions from the deceased member toward support on that date, or the deceased member |
| had been ordered by a court to contribute to the spouse's or domestic partner's support. (d) |
| Remarriage of the spouse or domestic partner or establishment of a domestic partnership shall |
| render him or her ineligible to receive current or future benefits under this section. (e) The |
| spouse or domestic partner of a member, as defined in this section, shall be entitled to monthly |
| benefits payable in accordance with the following table: |
| Highest Annual Salary Spouse's or Domestic Partner's Monthly Minimum Benefit |
| $17,000 or less $750 825 |
| $17,001 to $25,000 $875 963 |
| $25,001 to $33,000 1,000 $1,100 |
| $33,001 to $40,000 1,125$1,238 |
| $40,001 and over 1,250 $1,375 |
| (f) A yearly cost-of-living adjustment for spouse's or domestic partner's benefits shall be |
| based on the annual social security adjustment. |
| SECTION 2. Section 16-16-35 of the General Laws in Chapter 16-16 entitled "Teachers' |
| Retirement [See Title 16 Chapter 97 - The Rhode Island Board of Education Act]" is hereby |
| amended to read as follows: |
| 16-16-35. Contributions. |
| (a) The cost of the benefits provided in §§ 16-16-25 -- 16-16-38 shall be two percent |
| (2%) of the member's annual salary up to but not exceeding an annual salary of ninety-six |
| hundred dollars ($9,600) eleven thousand five hundred dollars ($11,500); one-half (1/2) of the |
| cost shall be contributed by the member by deductions from his or her salary, and the other half |
| (1/2) shall be contributed and paid by the respective city, town, or school district by which the |
| member is employed. These contributions shall be in addition to the contributions provided in § |
| 16-16-22 and shall be paid into the teachers' survivors benefit fund created by §§ 16-16-25 -- 16- |
| 16-38 in the same manner as contributions are made under the provisions of § 16-16-22. |
| (b) In the event the market value of the Tteachers' Ssurvivor Bbenefit Pplan assets shall |
| decrease below one hundred and twenty (120%) one hundred (100%) percent of the Tteachers' |
| Ssurvivor Bbenefit Pplan liabilities as reported by a qualified actuary pursuant to § 16-16-37, the |
| retirement board shall determine and fix the amount of contributions necessary to maintain a |
| funding level of not less than one hundred and twenty (120%) one hundred (100%) percent of |
| assets to liabilities ratio. Any adjusted cost of the benefits provided in §§ 16-16-25 -- 16-16-38 |
| shall be paid for by the member by deduction from his or her salary. These contributions shall be |
| in addition to the contributions provided in § 16-16-22 and shall be paid into the teachers' |
| survivors benefit fund created by §§ 16-16-25 -- 16-16-38 in the same manner as contributions |
| are made under the provisions of § 16-16-22; provided, however, that payments to compensate |
| for asset-to-liability ratios less than one hundred (100%) percent shall be amortized over |
| individual ten-(10) year (10) close periods. Notwithstanding anything to the contrary in this |
| chapter or in any other provision of Rhode Island law, no benefit enhancements, beyond the |
| current provisions within §§16-16-25 through 16-16-38, shall be granted until the market value of |
| the Tteachers' Ssurvivor Bbenefit Pplan assets shall increase above one hundred and twenty |
| (120%) percent of the Tteachers' Ssurvivor Bbenefit Pplan liabilities as reported by a qualified |
| actuary pursuant to §16-16-37. |
| SECTION 3. This act shall take effect upon passage. |
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| LC002027/SUB A |
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