§ 36-10-2 State contributions. – (a) The State of Rhode Island shall make its contribution for the maintenanceof the system, including the proper and timely payment of benefits inaccordance with the provisions of this chapter and chapters 8, 16, 28, 31 and42 of this title, by annually appropriating an amount equal to a percentage ofthe total compensation paid to the active membership. The percentage shall becomputed by the actuary employed by the retirement system and shall becertified by the retirement board to the director of administration on orbefore the fifteenth day of October in each year. In arriving at the yearlyemployer contribution the actuary shall determine the value of:
(1) The contributions made by the members;
(2) Income on investments; and
(3) Other income of the system.
(b) The Actuary shall thereupon compute the yearly employercontribution that will:
(1) Pay the actuarial estimate of the normal cost for thenext succeeding fiscal year;
(2) Amortize the unfunded liability of the system as of June30, 1999 utilizing a time period not to exceed thirty (30) years.
(c) The State of Rhode Island shall remit to the generaltreasurer the employer's share of the contribution for state employees, statepolice, and judges on a payroll frequency basis, and for teachers in a mannerpursuant to § 16-16-22.
(d) In accordance with the intent of § 36-8-20 that theretirement system satisfy the requirements of § 401(a) of the InternalRevenue Code of 1986, the state shall pay to the retirement system:
(i) By June 30, 1995, an amount equal to the sum of thebenefits paid to state legislators pursuant to § 36-10-10.1 in excess often thousand dollars ($10,000) per member (plus accrued interest on such amountat eight percent (8%)) for all fiscal years beginning July 1, 1991, and endingJune 30, 1995, but this amount shall be paid only if § 36-10-10.1(e)becomes effective January 1, 1995; and
(ii) By December 31, 1994, twenty million seven hundredeighty eight thousand eight hundred twelve dollars and nineteen cents($20,788,812.19) plus accrued interest on that amount at eight percent (8%)compounded monthly beginning March 1, 1991, and ending on the date this paymentis completed (reduced by amortized amounts already repaid to the retirementsystem with respect to the amounts withdrawn by the state during the fiscalyear July 1, 1990 – June 30, 1991); and
(iii) By June 30, 1995, the sum of the amounts paid by theretirement system for retiree health benefits described in § 36-12-4 forall fiscal years beginning July 1, 1989, and ending June 30, 1994, to theextent that the amounts were not paid from the restricted fund described insubsection (c).
(2) Any and all amounts paid to the retirement system underthis subsection shall not increase the amount otherwise payable to the systemby the state of Rhode Island under subsection (a) for the applicable fiscalyear. The actuary shall make such adjustments in the amortization bases andother accounts of the retirement system as he or she deems appropriate to carryout the provisions and intent of this subsection.
(e) In addition to the contributions provided for insubsection (a) through (c) and in order to provide supplemental employercontributions to the retirement system, commencing in fiscal year 2006, andeach year thereafter:
(1) For each fiscal year in which the actuarially determinedstate contribution rate for state employees is lower than that for the priorfiscal year, the governor shall include an appropriation to that systemequivalent to twenty percent (20%) of the rate reduction for the state'scontribution rate for state employees to be applied to the actuarial accruedliability of the state employees' retirement system for state employees foreach fiscal year;
(2) For each fiscal year in which the actuarially determinedstate contribution rate for teachers is lower than that for the prior fiscalyear, the governor shall include an appropriation to that system equivalent totwenty percent (20%) of the rate reduction for the state's share of thecontribution rate for teachers to be applied to the actuarial accrued liabilityof the state employees' retirement system for teachers for each fiscal year;
(3) The amounts to be appropriated shall be included in theannual appropriation bill and shall be paid by the general treasurer into theretirement system.
(f) While the retirement system's actuary shall not adjustthe computation of the annual required contribution for the year in whichsupplemental contributions are received, such contributions once made may betreated as reducing the actuarial liability remaining for amortization in thenext following actuarial valuation to be performed.
§ 36-10-2 State contributions. – (a) The State of Rhode Island shall make its contribution for the maintenanceof the system, including the proper and timely payment of benefits inaccordance with the provisions of this chapter and chapters 8, 16, 28, 31 and42 of this title, by annually appropriating an amount equal to a percentage ofthe total compensation paid to the active membership. The percentage shall becomputed by the actuary employed by the retirement system and shall becertified by the retirement board to the director of administration on orbefore the fifteenth day of October in each year. In arriving at the yearlyemployer contribution the actuary shall determine the value of:
(1) The contributions made by the members;
(2) Income on investments; and
(3) Other income of the system.
(b) The Actuary shall thereupon compute the yearly employercontribution that will:
(1) Pay the actuarial estimate of the normal cost for thenext succeeding fiscal year;
(2) Amortize the unfunded liability of the system as of June30, 1999 utilizing a time period not to exceed thirty (30) years.
(c) The State of Rhode Island shall remit to the generaltreasurer the employer's share of the contribution for state employees, statepolice, and judges on a payroll frequency basis, and for teachers in a mannerpursuant to § 16-16-22.
(d) In accordance with the intent of § 36-8-20 that theretirement system satisfy the requirements of § 401(a) of the InternalRevenue Code of 1986, the state shall pay to the retirement system:
(i) By June 30, 1995, an amount equal to the sum of thebenefits paid to state legislators pursuant to § 36-10-10.1 in excess often thousand dollars ($10,000) per member (plus accrued interest on such amountat eight percent (8%)) for all fiscal years beginning July 1, 1991, and endingJune 30, 1995, but this amount shall be paid only if § 36-10-10.1(e)becomes effective January 1, 1995; and
(ii) By December 31, 1994, twenty million seven hundredeighty eight thousand eight hundred twelve dollars and nineteen cents($20,788,812.19) plus accrued interest on that amount at eight percent (8%)compounded monthly beginning March 1, 1991, and ending on the date this paymentis completed (reduced by amortized amounts already repaid to the retirementsystem with respect to the amounts withdrawn by the state during the fiscalyear July 1, 1990 – June 30, 1991); and
(iii) By June 30, 1995, the sum of the amounts paid by theretirement system for retiree health benefits described in § 36-12-4 forall fiscal years beginning July 1, 1989, and ending June 30, 1994, to theextent that the amounts were not paid from the restricted fund described insubsection (c).
(2) Any and all amounts paid to the retirement system underthis subsection shall not increase the amount otherwise payable to the systemby the state of Rhode Island under subsection (a) for the applicable fiscalyear. The actuary shall make such adjustments in the amortization bases andother accounts of the retirement system as he or she deems appropriate to carryout the provisions and intent of this subsection.
(e) In addition to the contributions provided for insubsection (a) through (c) and in order to provide supplemental employercontributions to the retirement system, commencing in fiscal year 2006, andeach year thereafter:
(1) For each fiscal year in which the actuarially determinedstate contribution rate for state employees is lower than that for the priorfiscal year, the governor shall include an appropriation to that systemequivalent to twenty percent (20%) of the rate reduction for the state'scontribution rate for state employees to be applied to the actuarial accruedliability of the state employees' retirement system for state employees foreach fiscal year;
(2) For each fiscal year in which the actuarially determinedstate contribution rate for teachers is lower than that for the prior fiscalyear, the governor shall include an appropriation to that system equivalent totwenty percent (20%) of the rate reduction for the state's share of thecontribution rate for teachers to be applied to the actuarial accrued liabilityof the state employees' retirement system for teachers for each fiscal year;
(3) The amounts to be appropriated shall be included in theannual appropriation bill and shall be paid by the general treasurer into theretirement system.
(f) While the retirement system's actuary shall not adjustthe computation of the annual required contribution for the year in whichsupplemental contributions are received, such contributions once made may betreated as reducing the actuarial liability remaining for amortization in thenext following actuarial valuation to be performed.
§ 36-10-2 State contributions. – (a) The State of Rhode Island shall make its contribution for the maintenanceof the system, including the proper and timely payment of benefits inaccordance with the provisions of this chapter and chapters 8, 16, 28, 31 and42 of this title, by annually appropriating an amount equal to a percentage ofthe total compensation paid to the active membership. The percentage shall becomputed by the actuary employed by the retirement system and shall becertified by the retirement board to the director of administration on orbefore the fifteenth day of October in each year. In arriving at the yearlyemployer contribution the actuary shall determine the value of:
(1) The contributions made by the members;
(2) Income on investments; and
(3) Other income of the system.
(b) The Actuary shall thereupon compute the yearly employercontribution that will:
(1) Pay the actuarial estimate of the normal cost for thenext succeeding fiscal year;
(2) Amortize the unfunded liability of the system as of June30, 1999 utilizing a time period not to exceed thirty (30) years.
(c) The State of Rhode Island shall remit to the generaltreasurer the employer's share of the contribution for state employees, statepolice, and judges on a payroll frequency basis, and for teachers in a mannerpursuant to § 16-16-22.
(d) In accordance with the intent of § 36-8-20 that theretirement system satisfy the requirements of § 401(a) of the InternalRevenue Code of 1986, the state shall pay to the retirement system:
(i) By June 30, 1995, an amount equal to the sum of thebenefits paid to state legislators pursuant to § 36-10-10.1 in excess often thousand dollars ($10,000) per member (plus accrued interest on such amountat eight percent (8%)) for all fiscal years beginning July 1, 1991, and endingJune 30, 1995, but this amount shall be paid only if § 36-10-10.1(e)becomes effective January 1, 1995; and
(ii) By December 31, 1994, twenty million seven hundredeighty eight thousand eight hundred twelve dollars and nineteen cents($20,788,812.19) plus accrued interest on that amount at eight percent (8%)compounded monthly beginning March 1, 1991, and ending on the date this paymentis completed (reduced by amortized amounts already repaid to the retirementsystem with respect to the amounts withdrawn by the state during the fiscalyear July 1, 1990 – June 30, 1991); and
(iii) By June 30, 1995, the sum of the amounts paid by theretirement system for retiree health benefits described in § 36-12-4 forall fiscal years beginning July 1, 1989, and ending June 30, 1994, to theextent that the amounts were not paid from the restricted fund described insubsection (c).
(2) Any and all amounts paid to the retirement system underthis subsection shall not increase the amount otherwise payable to the systemby the state of Rhode Island under subsection (a) for the applicable fiscalyear. The actuary shall make such adjustments in the amortization bases andother accounts of the retirement system as he or she deems appropriate to carryout the provisions and intent of this subsection.
(e) In addition to the contributions provided for insubsection (a) through (c) and in order to provide supplemental employercontributions to the retirement system, commencing in fiscal year 2006, andeach year thereafter:
(1) For each fiscal year in which the actuarially determinedstate contribution rate for state employees is lower than that for the priorfiscal year, the governor shall include an appropriation to that systemequivalent to twenty percent (20%) of the rate reduction for the state'scontribution rate for state employees to be applied to the actuarial accruedliability of the state employees' retirement system for state employees foreach fiscal year;
(2) For each fiscal year in which the actuarially determinedstate contribution rate for teachers is lower than that for the prior fiscalyear, the governor shall include an appropriation to that system equivalent totwenty percent (20%) of the rate reduction for the state's share of thecontribution rate for teachers to be applied to the actuarial accrued liabilityof the state employees' retirement system for teachers for each fiscal year;
(3) The amounts to be appropriated shall be included in theannual appropriation bill and shall be paid by the general treasurer into theretirement system.
(f) While the retirement system's actuary shall not adjustthe computation of the annual required contribution for the year in whichsupplemental contributions are received, such contributions once made may betreated as reducing the actuarial liability remaining for amortization in thenext following actuarial valuation to be performed.
