2025 -- H 5764 | |
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LC002098 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2025 | |
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A N A C T | |
RELATING TO PUBLIC OFFICERS AND EMPLOYEES -- RETIREMENT SYSTEM -- | |
CONTRIBUTIONS AND BENEFITS | |
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Introduced By: Representatives Serpa, and Fellela | |
Date Introduced: February 26, 2025 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 36-10-2.1 of the General Laws in Chapter 36-10 entitled "Retirement |
2 | System — Contributions and Benefits" is hereby amended to read as follows: |
3 | 36-10-2.1. Actuarial cost method. |
4 | (a) To determine the employer contribution rate for the State of Rhode Island for fiscal year |
5 | 2002 and for all fiscal years subsequent, the actuary shall compute the costs under chapter 10 of |
6 | title 36 using the entry age normal cost method. |
7 | (b) The determination of the employer contribution rate for fiscal year 2013 shall include |
8 | a reamortization of the current Unfunded Actuarial Accrued Liability (UAAL) over a closed |
9 | twenty-five (25) year period. After an initial period of five (5) years, future actuarial gains and |
10 | losses occurring within a plan year will be amortized over individual new twenty (20) year closed |
11 | periods. |
12 | (c) The determination of the employer contribution rate commencing with fiscal year 2017 |
13 | shall include a re-amortization of the current unfunded actuarial accrued liability (UAAL) |
14 | attributable to the sixty percent (60%) of contribution responsibility not partitioned to the state in |
15 | § 16-16-22 over a closed twenty-five (25) year period. This will be accomplished by dividing the |
16 | UAAL as of June 30, 2014 into two (2) separate amortization periods. Future actuarial gains and |
17 | losses occurring within a plan year will be amortized over individual new twenty (20) year closed |
18 | periods and allocated in the forty percent (40%) state / sixty percent (60%) municipal proportion |
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1 | set forth in § 16-16-22. |
2 | (d) The determination of the employer contribution rate commencing with fiscal year 2026 |
3 | shall include a re-amortization of the state pension fund. |
4 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO PUBLIC OFFICERS AND EMPLOYEES -- RETIREMENT SYSTEM -- | |
CONTRIBUTIONS AND BENEFITS | |
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1 | This act would require a reamortization of the state pension fund for 2026. |
2 | This act would take effect upon passage. |
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