§ 45-21-43 Accounts and records –Reserve accounts. – (a) An adequate system of accounts and records is established and maintainedfor the system that fully reflects the requirements of this chapter. All assetsof the system are credited according to the purposes for which they are held inthe following designated reserve accounts:
(1) Members' contribution reserve. (i) The amountscontributed by the members are credited to this reserve. An individual accountis maintained for each member. Member contributions made pursuant to §45-21-41.1 are credited to a separate fund within a member's individual accountso that the amounts contributed prior to the effective date for the pickup ofmember contributions may be distinguished from the amount contributed on orafter the date on which the municipality begins to pick up member contributions.
(ii) Upon the granting of a retirement allowance, the totalaccumulated contributions of the member concerned are transferred from thisreserve to the retirement reserve. Refunds and death benefit paymentsrepresenting members' contributions are charged to this reserve.
(2) Employer's accumulation reserve. (i) The amountscontributed by the municipalities for the various purposes of this section arecredited to this reserve. Upon the granting of a retirement allowance, annuity,or benefit, an amount representing the excess of the actuarial value over thetotal contributions of the member is transferred from this reserve to theretirement reserve. That portion of the death benefit provided frommunicipality contributions is charged to this reserve.
(ii) Upon request by a municipality, to transfer monies fromthis reserve to any one or more of the municipality's other retirement unitswithin the municipal employee retirement system which has unfunded liability,the retirement board shall request a private letter ruling from the InternalRevenue Service and upon receipt of a favorable ruling, shall transfer thefunds consistent with the private letter ruling.
(3) Retirement reserve. Upon the granting of aretirement allowance, the accumulated contributions of the member and an amountrepresenting the excess of the actuarial value of the allowance over theaccumulated contributions, are transferred to this reserve from the members'contribution reserve and the employer's accumulation reserve, respectively.
(b) All payments on account of any retirement allowance orany benefit to a beneficiary of a member are charged to this reserve.
(c) Any excess amount in this reserve, over the actuarialliabilities of the reserve, as determined by actuarial valuation, istransferred at the close of each year to the employer's accumulation reserve tobe used to reduce the municipality's contribution upon a rate redeterminationas established by the periodic actuarial valuation provided in this section.Any deficiency in this reserve is removed by a transfer from the employer'saccumulation reserve.
(d) All income from investments, including gains frominvestment transactions, is credited to this reserve. All losses on investmentsare charged to this reserve.
§ 45-21-43 Accounts and records –Reserve accounts. – (a) An adequate system of accounts and records is established and maintainedfor the system that fully reflects the requirements of this chapter. All assetsof the system are credited according to the purposes for which they are held inthe following designated reserve accounts:
(1) Members' contribution reserve. (i) The amountscontributed by the members are credited to this reserve. An individual accountis maintained for each member. Member contributions made pursuant to §45-21-41.1 are credited to a separate fund within a member's individual accountso that the amounts contributed prior to the effective date for the pickup ofmember contributions may be distinguished from the amount contributed on orafter the date on which the municipality begins to pick up member contributions.
(ii) Upon the granting of a retirement allowance, the totalaccumulated contributions of the member concerned are transferred from thisreserve to the retirement reserve. Refunds and death benefit paymentsrepresenting members' contributions are charged to this reserve.
(2) Employer's accumulation reserve. (i) The amountscontributed by the municipalities for the various purposes of this section arecredited to this reserve. Upon the granting of a retirement allowance, annuity,or benefit, an amount representing the excess of the actuarial value over thetotal contributions of the member is transferred from this reserve to theretirement reserve. That portion of the death benefit provided frommunicipality contributions is charged to this reserve.
(ii) Upon request by a municipality, to transfer monies fromthis reserve to any one or more of the municipality's other retirement unitswithin the municipal employee retirement system which has unfunded liability,the retirement board shall request a private letter ruling from the InternalRevenue Service and upon receipt of a favorable ruling, shall transfer thefunds consistent with the private letter ruling.
(3) Retirement reserve. Upon the granting of aretirement allowance, the accumulated contributions of the member and an amountrepresenting the excess of the actuarial value of the allowance over theaccumulated contributions, are transferred to this reserve from the members'contribution reserve and the employer's accumulation reserve, respectively.
(b) All payments on account of any retirement allowance orany benefit to a beneficiary of a member are charged to this reserve.
(c) Any excess amount in this reserve, over the actuarialliabilities of the reserve, as determined by actuarial valuation, istransferred at the close of each year to the employer's accumulation reserve tobe used to reduce the municipality's contribution upon a rate redeterminationas established by the periodic actuarial valuation provided in this section.Any deficiency in this reserve is removed by a transfer from the employer'saccumulation reserve.
(d) All income from investments, including gains frominvestment transactions, is credited to this reserve. All losses on investmentsare charged to this reserve.
§ 45-21-43 Accounts and records –Reserve accounts. – (a) An adequate system of accounts and records is established and maintainedfor the system that fully reflects the requirements of this chapter. All assetsof the system are credited according to the purposes for which they are held inthe following designated reserve accounts:
(1) Members' contribution reserve. (i) The amountscontributed by the members are credited to this reserve. An individual accountis maintained for each member. Member contributions made pursuant to §45-21-41.1 are credited to a separate fund within a member's individual accountso that the amounts contributed prior to the effective date for the pickup ofmember contributions may be distinguished from the amount contributed on orafter the date on which the municipality begins to pick up member contributions.
(ii) Upon the granting of a retirement allowance, the totalaccumulated contributions of the member concerned are transferred from thisreserve to the retirement reserve. Refunds and death benefit paymentsrepresenting members' contributions are charged to this reserve.
(2) Employer's accumulation reserve. (i) The amountscontributed by the municipalities for the various purposes of this section arecredited to this reserve. Upon the granting of a retirement allowance, annuity,or benefit, an amount representing the excess of the actuarial value over thetotal contributions of the member is transferred from this reserve to theretirement reserve. That portion of the death benefit provided frommunicipality contributions is charged to this reserve.
(ii) Upon request by a municipality, to transfer monies fromthis reserve to any one or more of the municipality's other retirement unitswithin the municipal employee retirement system which has unfunded liability,the retirement board shall request a private letter ruling from the InternalRevenue Service and upon receipt of a favorable ruling, shall transfer thefunds consistent with the private letter ruling.
(3) Retirement reserve. Upon the granting of aretirement allowance, the accumulated contributions of the member and an amountrepresenting the excess of the actuarial value of the allowance over theaccumulated contributions, are transferred to this reserve from the members'contribution reserve and the employer's accumulation reserve, respectively.
(b) All payments on account of any retirement allowance orany benefit to a beneficiary of a member are charged to this reserve.
(c) Any excess amount in this reserve, over the actuarialliabilities of the reserve, as determined by actuarial valuation, istransferred at the close of each year to the employer's accumulation reserve tobe used to reduce the municipality's contribution upon a rate redeterminationas established by the periodic actuarial valuation provided in this section.Any deficiency in this reserve is removed by a transfer from the employer'saccumulation reserve.
(d) All income from investments, including gains frominvestment transactions, is credited to this reserve. All losses on investmentsare charged to this reserve.
