| Chapter 257 |
| 2024 -- H 7460 Enacted 06/24/2024 |
| A N A C T |
| RELATING TO TOWNS AND CITIES -- RETIREMENT SECURITY ACT FOR LOCALLY ADMINISTERED PENSION FUNDS |
Introduced By: Representatives Marszalkowski, and Cardillo |
| Date Introduced: February 02, 2024 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 45-65-6 of the General Laws in Chapter 45-65 entitled "Retirement |
| Security Act for Locally Administered Pension Funds" is hereby amended to read as follows: |
| 45-65-6. Certification and notice requirements. |
| (1a) Every municipality that maintains a locally administered plan shall submit its initial |
| annual actuarial valuation study to the study commission created herein under § 45-6465-8 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 study commission 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. |
| (2b) 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. |
| (3c) 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. |
| (4d) Notwithstanding any other law to the contrary, the funding improvement plans and |
| actuarial valuation studies submitted pursuant to this section shall be public records. |
| SECTION 2. This act shall take effect upon passage. |
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| LC004578 |
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