2012 -- H 7131

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LC00557

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

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A N A C T

RELATING TO PUBLIC FINANCE - STATE FUNDS

     Introduced By: Representatives Guthrie, Dickinson, Carnevale, and Menard

     Date Introduced: January 17, 2012

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 35-4 of the General Laws entitled "State Funds" is hereby amended

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by adding thereto the following section:

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     35-4-29. Pension lawsuit satisfaction fund. -- There is established a special escrow

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pension lawsuit satisfaction fund which shall be used to pay any financial court judgments

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rendered against the state as a result of successful pension law challenges. All state fiscal year-

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end budget surplus revenues shall be deposited in this fund. The general assembly shall

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appropriate the monies necessary to satisfy the fund’s purpose.

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     SECTION 2. This act shall take effect upon passage.

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LC00557

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO PUBLIC FINANCE - STATE FUNDS

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     This act would establish a special escrow pension lawsuit satisfaction fund, which would

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be funded in part by budget surplus revenues.

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     This act would take effect upon passage.

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LC00557

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