State Codes and Statutes
Statutes > Rhode-island > Title-36 > Chapter-36-10 > 36-10-39SECTION 36-10-39
§ 36-10-39 Fiscal impact of proposedlegislation impacting the retirement system. – Proposed legislation which directly impacts the retirement system canpotentially affect the benefits of all plan participants and beneficiaries.Since it is in the best interests of plan participants and beneficiaries todetermine the financial consequences of any proposed legislation which woulddirectly impact the state's liability to the retirement system, suchlegislation shall not be approved by the general assembly unless an explanatorystatement or note, prepared and paid for by the employees' retirement system ofthe state of Rhode Island is appended to the proposed legislation whichactuarially calculates, based upon approved retirement board assumptions, theprojected twenty (20) year cost of the proposed legislation. These statementsor notes shall be known as "pension impact notes," and they shall accompanyeach such bill or resolution prior to consideration of the house in which thebill or resolution originated. The reasonable cost of preparing pension impactnotes shall be charged as an administrative expense and paid from theretirement system's restricted receipts account established pursuant to §36-8-10.1. Only the chair of the senate committee on finance with the approvalof the president of the senate can request a pension impact note on proposedlegislation that originates in the senate. Only the chair of the housecommittee on finance with the approval of the speaker of the house can requesta pension impact note on proposed legislation that originates in the house. Thegovernor can request a pension impact note on proposed legislation recommendedin the appropriation acts required by §§ 35-3-7 or 35-3-8. Thissection shall be in addition to the requirements of chapter 12 of title 22.
